Equitorial Exploration Corp. Completes $1,000,000 Investment in Mag One Products Inc. and Expands into Lithium Extraction Technology
Vancouver, BC, Canada / TheNewswire / May 24, 2016 - Equitorial Exploration Corp. (TSX Venture Exchange: EXX, Frankfurt: EE1) (the "Company") wishes to announce that it has now earned the exclusive right to joint venture with Mag One on a 50/50 basis to fund the construction of Mag One's first modular production facility for the extraction of Lithium and related products. This is in addition to the Company earning an exclusive right to enter into the first JV to fund, the construction of production facilities that will be used to produce magnesium metal and products.
As reported by Mag One on May 17, 2016, Mag One Operations has access to 30 million tonnes of magnesium tailings at a price of $1.00 (U.S.) per tonne. This crushed rock, which is sitting on the surface near Danville, Que., Canada, contains approximately 23 per cent magnesium and is sufficient for 70 years of production of magnesium at the target capacity of 100,000 tonnes annually."
The Company has completed its financing of Mag One for $1,000,000 by purchasing 1,111,111 units of Mag One. The units consist of one common share at $0.90 accompanied by one share purchase warrant at $1.10 for one year.
Jack Bal, President of Equitorial Exploration Corp, states "We are very excited to expand into the Lithium extraction business with Mag One and their proprietary Lithium extraction technology."
On behalf of the Board of Directors
EQUITORIAL EXPLORATION CORP.
Jack Bal, President and Director
For further information, please contact Jack Bal at 604-306-5285
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