News Release
Not for Distribution to United States Newswire Services or For Dissemination in the United States.
EnerGulf Closes First Tranche of Private Placement to Raise $2,318,925
July 14, 2009
(Houston) EnerGulf Resources Inc. (TSXV:ENG) (the ?Company?) is pleased to announce that it has closed the first tranche of a private placement consisting of 6,625,500 units of the Company at the price of $0.35 per unit to raise gross proceeds of $2,318,925. Each unit consists of one common share and one common share purchase warrant with each warrant exercisable for a period of two years to purchase one additional common share of the Company at a price of $0.50 per share for the first year and $0.75 per share for the second year.
In connection with the private placement, the Company paid finders? fees in the aggregate amount of $65,394 and issued 140,700 finders? units to finders, each finders? unit having the same terms as set out herein for the private placement units.
All of the securities issued as part of the private placement, and all common shares issuable on the exercise of the warrants and the finders? warrants, are subject to a hold period and may not be traded in Canada until October 31, 2009 as to 1,000,000 units and November 14, 2009 as to the balance of the units and the finders? units, except as permitted by applicable Canadian securities laws and the TSX Venture Exchange.
The Company plans to close a second tranche of the private placement within the next two weeks.
On Behalf of the Board of Directors of
EnerGulf Resources Inc.
?Clive Brookes? Director
For more information, please contact: Ben Curry Progressive Investor Relations Tel: (604) 689-2881 E-mail: info@energulf.com Website: www.energulf.com |
Certain disclosure in this release, including the private placement, use of proceeds and management?s assessment of the Company?s plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to the Company?s operation as an oil and gas exploration company that may cause future results to differ materially from those expressed or implied by those forward-looking statements. Readers are cautioned not to place undue reliance on these statements as they involve known and unknown risks, uncertainties and other factors that may cause a change in assumptions and the actual outcomes and estimates may be materially different from the estimated or anticipated future results, achievements or positions expressed or implied by those forward-looking statements. The Company disclaims any intentions or obligations to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither 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.
EnerGulf Resources Inc.
301 - 470 Granville Street, Vancouver, British Columbia V6C 1V5
Telephone: (604) 408-1990 Fax: (604) 608-4822
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Energulf Resources Inc
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CODE : ENG.V |
ISIN : CA29266X1050 |
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Energulf is a and oil exploration company based in Canada. Energulf holds various exploration projects in Namibia. Its main asset in production is LOTSHI BLOCK in Congo Dem. Rep. of and its main exploration property is KUNENE in Namibia. Energulf is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 2.0 millions as of today (US$ 1.6 millions, € 1.4 millions). Its stock quote reached its highest recent level on September 30, 2005 at CA$ 6.65, and its lowest recent point on July 05, 2017 at CA$ 0.02. Energulf has 99 320 000 shares outstanding. |