Equitorial Exploration Corp. Closed Private Placement

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EQUITORIAL EXPLORATION CORP. CLOSED PRIVATE PLACEMENT

Vancouver, B.C., May 29, 2019 – EQUITORIAL EXPLORATION CORP. (TSX-V: EXX, Frankfurt: EEI, OTC: EQTXF) (the “Company”) announces that it has closed its non-brokered private placement (the “Offering”) originally announced on February 14, 2019 with updated announcements on April 2, 2019 and May 9, 2019.

The Offering consists of 2,750,000 Units at a price of $0.03 per Unit, for aggregate gross proceeds of $82,500. Each Unit consists of one common share in the share capital of the Company (the “Shares”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional Share at an exercise price of $0.05, exercisable on or before May 31, 2021.

In connection with the Offering, the Company has paid Canaccord Genuity Corp. a finder cash commission in the amount of $5,160.00, being 8% of the aggregate proceeds from the sale of the Units to purchasers introduced by the finder. The Company has also issued 172,000 non-transferable finder warrant, being 8% of the number of the Units to purchasers introduced by such finder. Each finder’s warrant entitles the holder to purchase one additional Share at an exercise price of $0.05, exercisable on or before May 31, 2021. All securities issued under the Offering are subject to a statutory hold period ending on October 1, 2019 in accordance with applicable Canadian securities laws.

The Company intends to allocate the net proceeds as follows: $72,500 for current liabilities and the balance of $10,000 for general working capital purposes.

As the Offering was not fully subscribed, the Company will apply the proceeds of the Offering to the above uses in priority and in such proportions as the board of directors and management of the Company determine is in the best interests of the Company.

About Equitorial Exploration Corp

Equitorial is aggressively developing four 100%-owned, high-potential, lithium projects in North America. The Little Nahanni Pegmatite Group (LNPG) is a 43-101 compliant, hard rock, lithium property in the NWT. The Cat Lake Lithium Property in Manitoba, Canada, is directly adjacent to the Cat Lake Mineral Project, a highly prospective Lithium property. The Tule and Gerlach Lithium Brine Projects are located in lithium-rich Utah and Nevada within easy reach of the Tesla Gigafactory #1. All four projects have demonstrated highly encouraging grades.

For more information please visit: http://equitorialexploration.com/

ON BEHALF OF THE BOARD

Patrick Power, Chief Executive Officer

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FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements within the meaning of Canadian securities laws, including statements regarding the Cat Lake, Tule, Gerlach and Little Nahanni Pegmatite Projects: statements pertaining to the ability of Equitorial Exploration Corp.(“EXX”); the potential to develop resources and then further develop reserves; the anticipated economic potential of the property; the availability of capital and finance for EXX to execute its strategy going forward. Forward-looking statements are based on estimates and assumptions made by EXX in light of its experience and perception of current and expected future developments, as well as other factors that EXX believes are appropriate in the circumstances. Many factors could cause EXX’s results, performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: discrepancies between actual and estimated results from exploration and development and operating risks, dependence on early exploration stage concessions; uninsurable risks; competition; regulatory restrictions, including environmental regulatory restrictions and liability; currency fluctuations; defective title to mineral claims or property and dependence on key employees. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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