EnerGulf Resources Inc. (TSXV:ENG) announced a that it has received $200,000 in a bridge loan funding on June 29, 2016. The transaction included participation from existing investors Carrelton Horizon Fund L.P., a fund managed by Carrelton Asset Management and other investors. The loan will not bear interest and will not be convertible. The loan will have a maturity date of October 25, 2016 and the maturity date may be extended at the discretion of the lenders. The company also issued up to 3,000,000 warrants at an exercise price of $0.05 each until the first anniversary, subject to earlier termination in the event of any loan extension or renewal, in accordance with the policies of the TSX Venture Exchange. Any shares issued pursuant to the exercise of such warrants will be subject to a four month hold period from the date of issue of the warrants.