Equitorial Exploration Corp. Closes Second and Final Tranche of Private Placement
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NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION
IN THE UNITED STATES
Equitorial Exploration Corp. Closes Second and Final Tranche of Private
Placement
Vancouver, British Columbia – July 29 , 20 19 – EQUITORIAL EXPLORATION
CORP. (TSX-V: EXX, Frankfurt: EEI, OTC: EQTXF ), (the “Company” or “ Equitorial”),
announces that, further to its news release s dated June 13, 2019 and June 28,
2019, the Company has now closed the second and final tranche (the “Second
Tranche”) of its non-brokered private pla cement of units (the “ Private Placement”).
Pursuant to the Second Tranche , the Company issued from treasury 700 ,000 units
(each a “Unit ”) of the Company , at a subscription price of $0.03 per Unit, for gross
proceeds to the Company of $21 ,000. The Company r aised total gross aggregate
proceeds of $291,000 under the Private Plac ement. The Private Placement is being
made pursuant to a discretionary waiver of the $ 0.05 minimum granted by the TSX
Venture Exchange (the “Exchange”).
Each Unit is comprised of one common share (each a “Share”) and one transferable
share purchase warrant (each a “Warrant”) of the Company, and each Warrant
entitles the holder thereof to purchase one additional common share (each a
“Warrant Share”) of the Comp any at an exercise price of $0.05 per Warrant Share
for a period of two years from the date of issuance.
Finder’s fees of $1,680 cash and 56,000 finder’s warrants (each a “Finder’s
Warrant”) were paid and issued in conjunction with the Second Tranche . Finder’s
fees of $21,600 cash an d 720,000 Finder’s Warrants were paid and issued in
conjunction with the first tranche of the Private Placement (the “ First Tranche ”).
Each Finder’s Warrant entitles the holder thereof to purchase one common share of
the Company at an exercise price of $0. 05 per common share for a period of two
years from the date of issuance.
All securities issued under the Second Tranche will be subject to a statutory hold
period expiring on November 30 , 2019 , in accordance with applicable Canadian
securities laws. All se curities issued under the First Tranche of the Pr ivate
Placement will be subject to a statutory hold period expiring on Octob er 29, 2019, in
accordance with applicable Canadian securities laws.
The Company intends to allocate the net proceeds of the Second Tranche to fund
the Little Nahanni Pegmatite Project.
This press release is not an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States or to or for the account or
benefit of US persons (as such terms are defined in Regulation S under the United
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States Securities Act of 1933, as amended (the "U.S. Securities Act"), absent
registration or an exemption from registration. The securities offered have not been
and will not be registered under the U.S. Securities Act or any state securities laws
and, therefore, may not be offered for sale in the United States, except in
transactions exempt from registration under the U.S. Securities Act and applicable
state securities laws. 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 such offer, solicitation or sale would be unlawful.
This Private Placement is subject to the receipt of all necessary approvals, including
the final approval of the TSX Venture Exchange.
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/
Neither the TSX Venture Exchange nor its Regul ation 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.
For further information contact:
Patrick Power
CEO and Director
Equitorial Exploration Corp.
Telephone: (604) 689 1799
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Forward-Looking Information
This news release contains certain forward -looking statements within the meaning of Canadian securities laws,
including statements regarding the Private Placement, Cat Lake, Tule, Gerlach an d 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 pre paration 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 t o update or
revise any forward-looking statements whether as a result of new information, future events or otherwise.
THE FORWARD -LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS
THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELE ASE AND,
ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE
UNDUE IMPORTANCE ON FORWARD -LOOKING INFORMATION AND SHOULD NOT RELY UPON
THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES
NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS
REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.