Equitorial Exploration Corp. Announces Closing of Acquisition of Tule Valley and Gerlach Properties

2017-04-07 / @thenewswire

(TheNewswire)

Vancouver, BC, Canada / TheNewswire / April 7, 2017 - Equitorial Exploration Corp. (TSX Venture Exchange: EXX, Frankfurt: EE1) ("Equitorial" or "Company") is pleased to announce that it has completed its acquisition of 100% interest in the Tule Valley Lithium Brine project in Utah and the Gerlach (San Emidio Desert) Lithium Brine property in Nevada (the "Assets") from Umbral Energy Corp ("Umbral"), previously announced in Equitorial's news release of February 17, 2017. As consideration, the Company has issued 2,000,000 common shares in the capital of the Company (the "Shares") to Umbral, which are subject to a statutory hold period ending August 8, 2017 in accordance with applicable securities legislation, at an issue price of $0.075 per Share, paid cash consideration to Umbral in the amount of $50,000, and assumed a payment of $100,000 in favour of the underlying owner of the registered owner of the Assets. In addition, the underlying owner will retain a 2% NSR over the Assets.

For further information regarding the Assets, please refer to the Company's news release dated February 17, 2017.

About Equitorial Exploration Corp

Equitorial is aggressively developing three significant, 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. Both the Tule and Gerlach Lithium Brine Projects are located in lithium-rich Utah and Nevada within easy reach of the Tesla Gigafactory #1.

All three projects have demonstrated highly encouraging grades and Equitorial intends to actively explore these Lithium opportunities in the coming season.

Phil van Angeren, P. Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical mining information provided in this release.

For more information please visit: http://equitorialexploration.com/

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.

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES