Equitorial Announces Continuation of Non-Brokered Private Placement for up to $1,000,000 and Closing of Second Tranche for Gross Proceeds of $449,750 __________________________________________________________
Equitorial Exploration Corp. Suite 1818, 701 West Georgia St.
Vancouver, BC V7Y 1C6 http://equitorial.ca
EQUITORIAL ANNOUNCES CONTINUATION OF NON-BROKERED PRIVATE PLACEMENT FOR UP TO $1,000,000 AND CLOSING OF SECOND TRANCHE FOR GROSS PROCEEDS OF $449,750 __________________________________________________________
September 25, 2014 TSX Venture Exchange Trading Symbol: EXX
Equitorial Exploration Corp. (the “Company”), announces in connection with regulatory approval from the TSX Venture Exchange (the “Exchange”), it has reserved the price and will continue to conduct a non-brokered private placement (the “Private Placement”) of units of the Company (each a “Unit”) at a price of $0.15 per Unit to raise gross proceeds of up to $1,000,000, previously announced in the Company’s news release of July 11, 2014. Each Unit will consist of one common share of the Company and one half of one transferable share purchase warrant (each whole warrant a “Warrant”). Each Warrant shall be exercisable to acquire one additional common share of the Company for a period of two years at a price of $0.25 per common share.
The Company closed a first tranche of the Private Placement in the amount of $117,750 on August 11, 2014 and has now closed an additional tranche (the “Second Tranche”) under the new price reservation for $449,750.
All securities issued under the Private Placement will be subject to a four-month hold period from the date of issuance.
In connection with closing the Second Tranche, the Company paid aggregate cash finder’s fee of $35,474.97 and issued an aggregate of 236,500 broker’s warrants (the “Broker’s Warrants”) to Wolverton Securities Ltd. (“Wolverton”), Canaccord Genuity Corp. (“Canaccord”), Haywood Securities Inc. (“Haywood”) and Richard Fite as follows: Wolverton ($750 and 5,000 Broker’s Warrants, Canaccord ($20,099.97 and 133,999 Broker’s Warrants), Haywood ($11,625 and 75,000 Broker’s Warrants) and Fite ($3,000 and 20,000 Broker’s Warrants). Each Broker’s Warrant is exercisable to acquire an additional common share of the Company for a period of two years at a price of $0.25 per common share. All securities issued under the Private Placement will be subject to a four-month and a day hold period from the date of issuance.
The proceeds of the Private Placement will be used for general working capital, and to fund the Company’s various projects, as disclosed in the Company’s recent news releases.
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 or Patrick Power 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.