EnerGulf Resources Inc. (TSXV:ENG) announced a private placement of up to 50,000,000 units at CAD 0.10 per unit for gross proceeds up to CAD 5,000,000 on May 11, 2017. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to purchase one common share of the company at CAD 0.20 per share for a period of 24 months after the date of the issuance. The company may pay finder's fees in accordance with the policies of the Exchange. All securities issued in connection with the transaction shall be subject to a four month and one day hold period. The transaction is subject to approval of TSX Venture Exchange.