Or for Distribution to United States Newswire Services Equitorial Closes Second Tranche of Non-Brokered Private Placement
Equitorial Exploration Corp.
1400-1111 West Georgia Street Vancouver, British Columbia V6E 4M3, Canada http://equitorial.ca
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
EQUITORIAL CLOSES SECOND TRANCHE OF NON-BROKERED PRIVATE PLACEMENT __________________________________________________________
October 28, 2015 TSX Venture Exchange Trading Symbol: EXX
Equitorial Exploration Corp. (the “Company”) announces that it has closed the second tranche of its nonbrokered private placement (the “Private Placement”) of units of the Company (each a “Unit”) at a price of $0.06 per unit for gross proceeds of $267,890. The Company has raised a total of $539,252 under the Private Placement, including the first tranche which closed on October 8, 2015.
Each Unit consists of one common share of the Company and one transferable share purchase warrant (a “Warrant”). Each Warrant is exercisable to acquire one additional common share of the Company for a period of two years at a price of $0.10 per common share.
The Company paid a finder’s fee consisting of a cash fee of $6,240 and finder’s warrants to purchase 104,000 common shares for a period of two years at a price of $0.06 per common share.
All securities issued under the Private Placement are subject to a four-month and a day hold period from the date of issuance.
The Company has also received TSX Venture Exchange approval for an over-subscription of $60,000 to the originally approved amount of the Private Placement, being $540,000.
The proceeds of the Private Placement will be used to finance the Company’s various projects and for general working capital. This includes the advancement of funds to Cardiff Energy Corp. to earn a 30-per-cent working interest in Clayton No. 1H well, pursuant to a participation and joint venture agreement between the company and Cardiff, previously announced in the company's news release of Sept. 30, 2015, and October 23, 2015.
On behalf of the Board of Directors
EQUITORIAL EXPLORATION CORP.
“Dean Pekeski”
Dean Pekeski, President and Director
For further information, please contact Dean Pekeski 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.
AC/2910820.1 AC/3817524.1