Equitorial Exploration Corp. Announces Further Extension to Closing of Private Placement
LEGAL_31156365.1
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR ISSEMINATION
IN THE UNITED STATES
EQUITORIAL EXPLORATION CORP. ANNOUNCES FURTHER EXTENSION TO
CLOSING OF PRIVATE PLACEMENT
Vancouver, B.C., May 9, 2019 – EQUITORIAL EXPLORATION CORP. (TSX-V: EXX, Frankfurt:
EEI, OTC: EQTXF) (the “Company”) announces that the Company has received TSX Venture Exchange
(“TSX-V”) approval to a further 30 day extension from the date of this news release to the closing of the
Company’s non-brokered private placement, originally announced by the Company on February 14, 2019,
with follow up Company announcement on April 2, 2019, of up to 16,666,666 million units (the “Units”).
Each Unit consists of one common share at a purchase price of $ 0.03 and one share purchase warrant
entitling the holder to purchase one additional common share, up to a total of 16,666,666 warrant shares, at
a warrant exercise price of $0.05 exercisable 24 months from th e date of closing, for gross proceeds of up
to $500,000 (the “ Offering”). The Offering is made pursuant to a discretionary waiver of the $0.05
minimum pricing requirement granted by the TSX-V. The Company expects to close on or around June 7,
2019, subject to TSXV approval.
This announcement is made in accordance with the TSX-V rules to ensure price protection.
A finder's fee of cash, shares or finder's warrants, or a combination thereof, may be paid to eligible finders
with respect to any portion of the Offering that is not subscribed for by existing shareholders.
Assuming the Offering is fully subscribed, the Company intends to allocate the net proceeds as follows:
approximately $220,000 for curre nt liabilities and the balance of approximately $280,000 for general
working capital purposes.
Although the Company intends to use the proceeds of the Offering as described above, the actual allocation
of net proceeds may vary from the uses set forth above, depending on future operations or unforeseen events
or opportunities. If the Offering is not fully subscribed, the Company will apply the proceeds of the Offering
to the above uses in priority and in such proportions as the bo ard of directors and management of the
Company determine is in the best interests of the Company.
All securities issued in connection with the Offering will be s ubject to a four month hold period in
accordance with applicable securities laws.
Existing shareholders of the Company are directed to contact th e Company for further information
concerning subscriptions for Shares pursuant to the Existing Shareholder Exemption, as follows:
Contact Person: Patrick Power, CEO
Telephone: 604 689-1799
Email: [email protected]
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LEGAL_31156365.1
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 dire ctly 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 Gig afactory #1. All four projects have
demonstrated highly encouraging grades.
For more information please visit: http://equitorialexploration.com/
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there
be any sale of the securities in any state in which su ch offer, solicitation or sale would be unlawful. The
securities issued, or to be issued, under the Offeri ng have not been, and will not be, registered under the
United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements.
ON BEHALF OF THE BOARD
Patrick Power, Chief Executive Officer
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 furth er 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 im plied by the forward looking statements,
including: discrepancies between actual and estimated results f rom exploration and development and
operating risks, dependence on early exploration stage concessi ons; 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 man agement on the date the statements are
made. The assumptions used in the preparation of such statement s, although considered reasonable at the
time of preparation, may prove to be imprecise and, as such, un due 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.