EnerGulf Resources Inc. announced that it has received CAD 0.43 million in funding.
On January 5, 2015, the company announced that it has amended the terms of the transaction. The company will now issue 3,333,333.33 units at a price of CAD 0.15 per unit. Insiders are anticipated to participate in the transaction for more than 25%. The transaction expected to close on or about January 9, 2015.
On February 3, 2015, the company announced that TSX Venture Exchange has accepted filing documentation with respect to 2,853,164 units for the transaction. 15 placees will participate in this transaction including Jeffery L, Greenblum, member of the board of directors of the company, who will subscribe for 166,667 units, John D. Elmore, Chief Executive Officer and member of the board of directors of the company, who will subscribe for 288,657 units, Peter L. Gianulis, member of the board of directors of the company, who will subscribe for 181,441 units, Anu Dhir, member of the board of directors of the company, who will subscribe for 166,667 units, and aggregate professional group consisting of one placee will subscribe for 85,000 units. Javier Reyes will act as a finder in this transaction and will be issued 131,570 common shares as finder's fee.
On February 4, 2015, EnerGulf Resources Inc. closed the transaction. The company issued 2,853,164 units for gross proceeds of CAD 427,974.60. The transaction included participation from insiders for aggregate of 28%. The securities issued in the transaction and exercise of warrants are subject to a hold period and may not be traded until June 5, 2015, except permitted by applicable Canadian securities laws and TSX Venture Exchange accredited investors. The company has received $125394 (CAD 419651.92) from six investors. The conversion was made through Form d filing.