Essex Angel Capital Inc. (TSXV:EXC) announced a private placement of minimum of 7,500,000 units and a maximum of 15,000,000 units at a price of CAD 0.075 per unit for gross proceeds of minimum of CAD 562,500 and maximum of CAD 1,125,000 on November 8, 2013. The company will raise net proceeds of minimum of CAD 506,250 and maximum of CAD 1,012,500. Each unit consists of one post-consolidation common share of the company and one warrant exercisable for a period of three years at a price of CAD 0.10 per share. The company will pay finder's fees comprised of warrants equivalent to 10% of the securities subscribed for and cash of 10% of the proceeds raised by the finders.

On January 8, 2014, Essex Angel Capital Inc. closed the transaction. The company received CAD 600,250 and issued 8,003,333 units in the transaction. The transaction included participation from 11 placees. The company paid commissions of CAD 56,850 and issued 758,000 warrants to Michael Wilson. Each broker warrant is exercisable into one common share at a price of CAD 0.10 until expiry on January 7, 2017. The hold period of the securities issued as part of the tranche will expire on May 8, 2014. The TSX Venture Exchange accepted for filing documents with respect to the transaction.