Equitorial Exploration Corp. Announces Further Extension to Closing of Private Placement

- May 9th, 2019

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 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”).

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 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 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 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 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

Email: ppower@arcticstar.ca

Click here to connect with Equitorial Exploration Corp. (TSXV:EXX, Frankfurt:EE1, OTC:EQTXF) for an Investor Presentation.

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