Petrolympic Ltd. (TSXV: PCQ) closed a private placement December 28, 2012.

The offering is a combination of 3,285,715 flow-through units at a price of $0.07 per flow-through unit and 333,333 common share units at a price of CA $0.06 per common unit for a total gross proceeds of CA $250,000.

Net proceeds will be used to fund exploration at the company’s conventional oil properties located in Gaspe Peninsula.

No commissions or finder's fees have been paid and no broker warrants were issued pursuant to the offering.

The private placement closed on December 28, 2012. The common shares to be issued under the offering will carry a four-month hold period under Canadian securities laws from the date of issuance. Completion of the Offering remains subject to receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange.

Petrolympic Ltd. is a junior oil and gas company based in Toronto actively exploring for premium light crude oil and natural gas in North America.