EnerGulf Resources Inc. (TSXV:ENG) announced a non-brokered private placement of up to 80,000,000 units at CAD 0.05 per unit for gross proceeds up to CAD 4,000,000 on October 7, 2016. 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 0.10 per share for a period of 18 months from closing. The company proposes to pay finder's fees in cash and warrants in respect of the proposed financing in accordance with the policies of the Exchange. The securities to be issued are subject to a hold period of four month from the closing date. The transaction is subject to approval of TSX Venture Exchange.