TORONTO, ONTARIO–(Marketwired – Aug. 8, 2016) – Palamina Corp. (TSX VENTURE:PA) has closed a non-brokered private placement offering (the “Offering“) comprised of 8,000,000 common shares at a purchase price of $0.15 per share for aggregate gross proceeds of $1,200,000. The directors of Palamina authorized a $200,000 increase beyond the original $1,000,000 contemplated Offering, as the issue was oversubscribed. No broker commissions were paid and the Company continues to move forward with no warrants as none were issued.