I think the answer is 'Gambling' AGM coming up.

They needed to raise money,

VANCOUVER, BRITISH COLUMBIA (May 27, 2009) - Premium Exploration Inc. (TSX-V:PEM) (“Premium” or the “Company”) is pleased to announce that it has closed a non-brokered private placement of $673,900 through the offering of 6,739,000 units (the “Units”) at a price of $0.10 per Unit. Each Unit consists of one common share and one warrant with a two-year term with an exercise price of $0.20 in the first year, and $0.50 in the second year. Each warrant entitles the holder to purchase one common share of the Company at the specified exercise price. All of the securities issued pursuant to this private placement will have a hold period expiring four months and one day after the closing date.

They might have something but I feel that this is a cash raising exercise, initially cheap shares, doubling up on the next 'good news'. Year 2, if they find something, cost is upped again. Volume is excessive, is this a pump?

If they had something, why are the initial units priced at $0.10 with warrants?