MATRRIX Announces Closing of Insider Private Placement

CALGARY, Aug. 23, 2017 /CNW/ - MATRRIX Energy Technologies Inc. ("MATRRIX" or the "Corporation") (TSX-V: MXX) announces that it has closed its previously announced private placement (the "Private Placement") of 3,673,000 common shares (the "Common Shares") at a price of $0.315 per Common Share to Lyle Whitmarsh, President – Rig Division of the Corporation, Elson McDougald, director of the Corporation, and Thane Russell, Chairman of the Corporation, for aggregate gross proceeds of $1,157,000. The Common Shares are subject to a hold period under applicable securities laws until December 24, 2017. The proceeds of the Private Placement will be used for general corporate purposes.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Matrrix Energy Technologies Inc.

Richard Ryan, President & Chief Executive Officer, MATRRIX Energy Technologies Inc., Tel: [phone]