EnerGulf Announces Private Placement to Raise $2 Million
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Dallas, Texas (September 12, 2013), EnerGulf Resources Inc. (TSX-V: ENG; FSE:EKS) (EnerGulf or the Company) is pleased to announce a non-brokered private placement of up to 10 million units at a price of $0.20 per unit for gross proceeds to the Company of up to $2 million. Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional common share for a period of 24 months from the date of issuance at a price of $0.35 per share. The warrants will be subject to acceleration in the event the trading price of the shares of the Company closes at or above $1.00 per share for 10 consecutive trading days at any time after four months from closing of the private placement.
The net proceeds of the offering will be used for the Lotshi Block (Democratic Republic of Congo) and Block 1711 (offshore Namibia) projects and for general working capital. The Company may pay finders’ fees in accordance with the policies of the TSX Venture Exchange with respect to all or a portion of the private placement. Certain insiders of the Company will be participating in the offering.
On Behalf of the Board of Directors of EnerGulf Resources Inc.
Chairman & CEO