Vancouver, BC, Canada / TheNewswire / June 12, 2018 - Equitorial Exploration Corp. (TSX-V: EXX, Frankfurt: EE1, OTCQB: EQTXF) ("Equitorial" or "Company") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Offering") pursuant to which it has issued 6,342,260 units of the Company (the "Units") at a price of $0.08 per Unit, for gross proceeds of $507,380.80. An insider of the Company subscribed for an aggregate of 500,000 Units for gross proceeds of $40,000 under the Offering.
Each Unit is comprised of one common share (each, a "Share") and one common share purchase warrant (the "Warrant"). Each Warrant will entitle the holder thereof to purchase one additional Share at an exercise price of $0.12 per Share for a period of 24 months from the date of issuance (the "Closing Date"), expiring June 12, 2020.
All securities issued in this closing are subject to a restriction on resale for a period of four months plus one day from the Closing Date. The Offering is subject to final acceptance by the TSX Venture Exchange.
The proceeds from the private placement will be used by the Company for general corporate working capital.
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.
On behalf of the Board of Directors
EQUITORIAL EXPLORATION CORP.
Jack Bal, CEO and Director
For further information, please contact Jack Bal at 604-306-5285
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.
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