Equitorial Closes First Tranche of Non-Brokered Private Placement and Advances Funds to Cardiff Energy Corp. to Acquire 15% Interest in Clayton #1H Well __________________________________________________________
Equitorial Exploration Corp.
1400-1111 West Georgia Street Vancouver, British Columbia V6E 4M3, Canada http://equitorial.ca
EQUITORIAL CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT AND ADVANCES FUNDS TO CARDIFF ENERGY CORP. TO ACQUIRE 15% INTEREST IN CLAYTON #1H WELL __________________________________________________________
October 8, 2015 TSX Venture Exchange Trading Symbol: EXX
Equitorial Exploration Corp. (the “Company”) announces that it has closed the first tranche of its nonbrokered private placement (the “Private Placement”) of 4,522,699 units of the Company (each a “Unit”) at a price of $0.06 per unit for gross proceeds of $271,361.94.
Each Unit consists of one common share of the Company and one transferable share purchase warrant (a “Warrant”). Each Warrant is exercisable to acquire one additional common share of the Company for a period of two years at a price of $0.10 per common share.
All securities issued under the Private Placement are subject to a four-month and a day hold period from the date of issuance.
The proceeds of the Private Placement were advanced to Cardiff Energy Corp. (“Cardiff”) to pay the balance of US$270,000, which the Company paid to Cardiff to purchase a 15% working interest in Clayton #1H well, pursuant to a Participation and Joint Venture Agreement between the Company and Cardiff, previously announced in the Company’s news release of September 30, 2015.
On behalf of the Board of Directors
EQUITORIAL EXPLORATION CORP.
“Dean Pekeski”
Dean Pekeski, President and Director
For further information, please contact either Dean Pekeski at 604-689-1799.
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 for the adequacy or accuracy of this release.