/EINPresswire.com/ -- VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 30, 2016) - Panorama Petroleum Inc. (the "Company") (TSX VENTURE:PPA) is pleased to announce that TSX.V has granted a discretionary waiver of the minimum share price for private placements to the Company and conditionally accepted the first tranche of Company's non-brokered private placement of 3,500,000 shares at $0.02 per share for net proceeds of $70,000. This private placement was announced on November 25, 2016.

Proceeds will be used for staff salaries, legal and third-party corporate expenses as well as for the evaluation of new projects.

All shares issued under this private placement will have a hold period of four months and one day. No fees or commissions will be paid in relation to this private placement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility or the adequacy or accuracy of this release. Certain information provided in this news release contains forward-looking statements that by their nature are subject to numerous risks and uncertainties and readers are cautioned that actual results may vary considerably from those forecasted.