EnerGulf Resources Inc. (TSXV:ENG) announced a non-brokered private placement of 2,500,000 units at a price of CAD 0.20 per unit for gross proceeds of CAD 500,000 on December 9, 2014. Each unit consists of one common share and one common share purchase warrant. Each warrant can be exercised at a price of CAD 0.25 per share for a period of 18 months. If the price of the common shares closes at or above CAD 0.50 for 30 consecutive trading days during the term of the warrants, the company will be entitled to accelerate the term of unexercised warrants upon notice to the holders and the warrants will then expire on the 20th day after the effective date of the giving of such notice. The transaction may include participation from insiders of the company. The securities will be issued pursuant to exemption provided under Regulation D. The transaction is conditional upon, among other things, the receipt of all necessary regulatory approvals including from the TSX Venture Exchange.

On January 5, 2015, the company announced that it has amended the terms of the transaction. The company will now issue 3,333,333.33 units at a price of CAD 0.15 per unit. Insiders are anticipated to participate in the transaction for more than 25%. The transaction expected to close on or about January 9, 2015.

On February 3, 2015, the company announced that TSX Venture Exchange has accepted filing documentation with respect to 2,853,164 units for the transaction. 15 placees will participate in this transaction including Jeffery L, Greenblum, member of the board of directors of the company, who will subscribe for 166,667 units, John D. Elmore, Chief Executive Officer and member of the board of directors of the company, who will subscribe for 288,657 units, Peter L. Gianulis, member of the board of directors of the company, who will subscribe for 181,441 units, Anu Dhir, member of the board of directors of the company, who will subscribe for 166,667 units, and aggregate professional group consisting of one placee will subscribe for 85,000 units. Javier Reyes will act as a finder in this transaction and will be issued 131,570 common shares as finder's fee.

On February 4, 2015, EnerGulf Resources Inc. closed the transaction. The company issued 2,853,164 units for gross proceeds of CAD 427,974.60. The transaction included participation from insiders for aggregate of 28%. The securities issued in the transaction and exercise of warrants are subject to a hold period and may not be traded until June 5, 2015, except permitted by applicable Canadian securities laws and TSX Venture Exchange accredited investors. The company has received $125394 (CAD 419651.92) from six investors. The conversion was made through Form d filing.