Essex Angel Capital Inc.
TSX VENTURE : EXC

Essex Angel Capital Inc.

August 30, 2013 08:56 ET

Essex Angel Capital Inc. Announces Closing of Private Placement

TORONTO, ONTARIO--(Marketwired - Aug. 30, 2013) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Further to its press release dated August 23, 2013, Essex Angel Capital Inc. (TSX VENTURE:EXC) (the "Corporation") is pleased to announce the closing of a private placement (the "Private Placement") of 10,000,000 units of the Corporation (the "Units") at a price of $0.005 per Unit (the "Offering Price") for gross proceeds of $50,000. Each Unit is comprised of one common share in the capital of the Corporation (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share (a "Warrant Share") at a price of $0.05 per share for a period of 12 months from the issuance date thereof. The Corporation paid $5,000 as a finder's fee and issued 1,000,000 finder's warrants to Jescorp Capital Inc. The finder's warrants have terms which are identical to the Warrants. The Private Placement has been approved by the board of directors of the Corporation. The Common Shares, the Warrants and the Warrant Shares will be subject to a four month and one day hold period in accordance with applicable Canadian securities laws. The Private Placement was conducted in accordance with the relief provisions (the "Relief Provisions") set forth in the bulletin of the TSXV dated April 12, 2013 - Private Placements - Extension and Modification of Temporary Relief from Certain Pricing Requirements. The net proceeds of the Private Placement will be used in accordance with the Relief Provision and as follows: (i) approximately $13,000 to hold a re-scheduled special and annual meeting of the shareholders; (ii) approximately $21,000 to pay for outstanding legal fees; and (iii) approximately $11,000 for general working capital purposes.

This news release does not constitute an offer to sell or solicitation of an offer to sell any of the Common Shares in the United States. The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

This press release contains certain forward-looking statements about the Corporation's future plans and intentions. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "scheduled" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect Management's current beliefs and are based on information currently available to management as at the date hereof. Forward-looking statements included or incorporated by reference in this press release include statements with respect to anticipated use of proceeds.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Corporation cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

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