Or for Distribution to United States Newswire Services Equitorial Completes Debt Settlement with Mineworx Technologies Inc.
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 COMPLETES DEBT SETTLEMENT WITH MINEWORX TECHNOLOGIES INC. FOR MINEWORX SHARES.
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November 13, 2015 TSX Venture Exchange Trading Symbol: EXX
Equitorial Exploration Corp. (the “Company”), announces that it has completed its debt settlement agreement with MineWorx Technologies Inc. (“MineWorx”) previously announced on October 2, 2015.
The Company will receive 5,181,547 shares (the “Settlement Shares”) in the capital of MineWorx, at a deemed price of $0.156043641 per share to settle outstanding debt of $956,547.46 owed to the Company by Mineworx pursuant to a loan agreement between the Company and MineWorx dated October 27, 2014. As part of the debt settlement, MineWorx also agreed to assume $148,000 of debt owing by the Company to certain third-party creditors. The Company previously held 11,843,453 shares of MineWorx and following issuance of the Settlement Shares holds 17,025,000 MineWorx shares (the “MineWorx Shares”) .
The Company wishes to clarify its October 2, 2015 announcement about the proposed distribution of certain MineWorx Shares as a dividend. The Company has evaluated applicable legal, corporate, securities and tax considerations as may apply to both the Company and its shareholders. The Company’s evaluations indicate that distribution of MineWorx shares as a dividend-in-kind to Company shareholders as of the historical date of October 2, 2015 will not be possible. For the present time, the Company will retain its interest in MineWorx, and the Company will consider options for how to maximize value from its investment in MineWorx.
On behalf of the Board of Directors
EQUITORIAL EXPLORATION CORP.
Dean Pekeski, Interim CEO, 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/3855123.2