Oromin Explorations Ltd OLEPF

RE: RE: RE: RE: News out!!!!lol, what else could y

[comet52]

5 mil from Sprott. Weakens the overall bargaining position imho but reality is a lot of junior explorecos are in dire straits now and have to finance any which way they can I guess.

https://www.4-traders.com/OROMIN-EXPLORATIONS-LTD-134090/news/Oromin-Explorations-Ltd-Oromin-Arranges-$5-Million-Loan-Facility-15665042/

12/21/2012| 05:38pm US/Eastern

Vancouver, B.C. - Oromin Explorations Ltd. (the "Company") is pleased to announce that it has entered into a term sheet dated December 21, 2012 with Sprott Resource Lending Corp. ("Sprott Lending") pursuant to which Sprott Lending is to provide the Company with a $5 million credit facility (the "Facility"), subject to the finalization of a Facility agreement.

The one year Facility will bear interest at 12% per annum, compounded and payable monthly. In consideration for the Facility, Sprott Lending will be paid a structuring fee of $50,000 and will be issued 750,000 common shares of the Company at a deemed price of $0.75 per share. The common shares will be subject to a four month hold period. All amounts outstanding under the Facility will be repayable in the event of a change of control of the Company. The Facility will be secured by a fixed and floating charge and specific registration over all of the assets of the Company.

The Facility will be used for the development of the OJVG project as well as for general corporate purposes. Toll Cross Securities Inc. provided financial consulting services in connection with the Facility.

To find out more about Oromin Explorations Ltd., visit www.oromin.com.

On behalf of the Board of Directors of
OROMIN EXPLORATIONS LTD.

"Chet Idziszek"
Chet Idziszek, President and CEO