Equitorial Closes Fifth and Final Tranche of Non-Brokered Private Placement for Gross Proceeds of $212,950 __________________________________________________________
Equitorial Exploration Corp.
1400-1111 West Georgia Street Vancouver, British Columbia V6E 4M3, Canada http://equitorial.ca
NOT FOR DISSEMINATION IN THE U.S.
EQUITORIAL CLOSES FIFTH AND FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $212,950 __________________________________________________________
March 4, 2015 TSX Venture Exchange Trading Symbol: EXX
Equitorial Exploration Corp. (the “Company”), announces that it has closed a fifth and final tranche (the “Fifth Tranche”) of its non-brokered private placement (the “Private Placement”) for gross proceeds of $212,950.
The Private Placement is for units of the Company (each a “Unit”) at a price of $0.15 per Unit. Each Unit consists of one common share of the Company and one half of one transferable share purchase warrant (each whole warrant a “Warrant”). Each Warrant shall be exercisable to acquire one additional common share of the Company for a period of two years at a price of $0.25 per common share.
Including the Fifth Tranche, the Company has closed on proceeds of $1,015,795.55 under the over-subscribed Private Placement.
In connection with closing the Fifth Tranche, the Company paid an aggregate cash finder's fee of $5,049.99 and issued an aggregate of 33,666 broker's warrants (the “Broker's Warrants”) to Haywood Securities Inc. (“Haywood”) and Euro Pacific Canada Inc. (“Euro Pacific”) as follows: Haywood ($999.99 and 6,666 Broker's Warrants) and Euro Pacific ($4,050 and 27,000 Broker’s Warrants).
Each Broker’s Warrant is exercisable to acquire an additional common share of the Company for a period of two years at a price of $0.25 per common share. All securities issued under the Fifth Tranche are subject to a four-month and a day hold period from the date of issuance.
The proceeds of the Fifth Tranche will be used for general working capital, and to fund the Company’s various projects, as disclosed in the Company’s recent news releases.
On behalf of the Board of Directors
EQUITORIAL EXPLORATION CORP.
“Dean Pekeski”
Dean Pekeski, President and Director
For further information, please contact either Dean Pekeski or Patrick Power 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.