Equitorial Closes Second Tranche of Private Placement __________________________________________________________
Equitorial Exploration Corp. Suite 1818, 701 West Georgia St.
Vancouver, BC V7Y 1C6 http://equitorial.ca
EQUITORIAL CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT __________________________________________________________
April 7, 2014 TSX Venture Exchange Trading Symbol: EXX
Equitorial Exploration Corp. (the “Company”), is pleased to announce that it has closed the second tranche (the “Second Tranche”) of a non-brokered private placement announced January 23, 2013, for up to 10,000,000 common shares at a price of CDN$0.15 per share for gross proceeds to the Company of up to CDN$1,500,000. The Second Tranche consisted of 4,906,600 common shares purchased at $0.15 per common share for gross proceeds of $735,990. In connection with the Second Tranche, the Company paid a cash finder’s fee of $54,501.15 and issued 363,341 warrants (“Agent's Warrants”) to Canaccord Genuity Corp. Each Agent's Warrant is exercisable at a price of $0.15 for a period of two years from the date of issuance. The securities issued under the Second Tranche are also subject to a four-month and a day hold period expiring July 29, 2014.
Proceeds from the Second Tranche will be used for option payments, exploration, development and equipment acquisitions in respect of a recently announced transaction to acquire an interest in First Nevada Mining Corp. (“First Nevada”). First Nevada is a private Canadian corporation with two mineral properties in Nevada and owns proprietary, patent pending, environmentally friendly, heavy metal extraction technology. For more information about First Nevada, please see the Company’s news release of March 4, 2014.
Proceeds from the balance of the Second Tranche will be used for to conduct geologic mapping, soil sampling, trenching, and ground geophysics (IP, and Magnetics) on the El Havila copper-gold property in Colombia, South America and for general working capital. The Company has commenced an exploration program on the El Havila copper-gold property, located 30 kilometres east-northeast of Frontino in the state of Antioquia. The property lies within the prolific Choco gold belt, a highly prospective area with potential for porphyry-related gold and copper and epithermal precious metal deposits. The property is hosted within the Santa Cecillia-La Equis volcanic complex on the western slope of the Colombian Western Cordillera mountain range. The area is being explored by numerous companies, including AngloGold Ashanti (La Colosa), Gran Colombia (Marmato) and Continental Gold (Buritica).
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.