Mr. Dean Pekeski reports
EQUITORIAL CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT
Equitorial Exploration Corp. has
closed the first tranche of its non-brokered private placement of units of the company at a price of 10 cents per unit for gross proceeds of $270,000.
Each unit consists of one common share of
the company and one transferable share purchase warrant. Each warrant is exercisable to
acquire one additional common share of the company for a period of five
years at a price of 20 cents per common
share.
In connection with closing the first tranche, the company paid a cash
finder's fee of $25,000 to David
Morgan.
All securities issued under the private placement will be
subject to a four-month-and-a-day hold period
from the date of issuance.
The proceeds of the private placement will be
used for general working capital and
to finance the company's various projects, as disclosed in the company's
recent news releases.
The TSX Venture Exchange has granted the company a 30-day extension to
close any additional tranches of the
private placement.
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