EnerGulf Resources Inc. (TSXV:ENG) announced a non-brokered private placement of up to 6,000,000 units at CAD 0.05 per unit for gross proceeds of up to CAD 300,000 on May 26, 2016. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to acquire one additional common share at CAD 0.06 per share for a period of 18 months from the date of issuance. The company may pay finder’s fee equal to 6% of the proceeds or issue finder's warrants equal to 10% of the total number of units sold. The transaction is subject to TSX Venture Exchange approval.