EQUITORIAL EXPLORATION CORP. (TSXV:EXX, Frankfurt:EEI, OTC:EQTXF) (the “Company”) announces that the Company has received TSX Venture Exchange (“TSX-V”) approval to a 30 day extension to the closing of the Company’s non-brokered private placement, announced by the Company on February 14, 2019, of up to 16,666,666 million units (the “Units”).
EQUITORIAL EXPLORATION CORP. (TSXV:EXX, Frankfurt:EEI, OTC:EQTXF) (the “Company”) announces that the Company has received TSX Venture Exchange (“TSX-V”) approval to a 30 day extension to the closing of the Company’s non-brokered private placement, announced by the Company on February 14, 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 the 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 May 1, 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 current 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 board 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 subject to a four month hold period in accordance with applicable securities laws.
Existing shareholders of the Company are directed to contact the 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
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/
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. The securities issued, or to be issued, under the Offering 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 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 preparation 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 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.