On June 24, 2016, EnerGulf Resources Inc. closed the transaction. The company announced that it has issued 5,152,185 units for gross proceeds of CAD 257,609.25 in second tranche of the transaction. The company issued 6,121,185 units for gross proceeds of CAD 310,609.25 in funding so far in the transaction. TSX Venture Exchange has accepted for filing documentation with respect to the transaction. The transaction involved participation from 13 placees including Director Jeffrey Greenblum for 149,275 shares, Director Peter Gianulis through Carrelton Master Horizon Fund Ltd for 2,096,000 shares. The securities issued in the second tranche are subject to four months hold period expiring on October 24, 2016. The company paid 164,931 finder’s warrants to Diego Polini. Each finder’s warrants can be exercised at a price of CAD 0.06 for a period of 18 months from the date of issuance. The company has issued 3,240,875 units pursuant to exemption provided under Regulation D to seven investors.