Essex Angel Capital Inc. Announces Initial Closing of Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Further to its press release dated January 23, 2012, Essex Angel Capital Inc.
(TSX VENTURE:EXC) (the "Corporation") is pleased to announce the closing of the
first tranche (the "First Tranche") of its previously announced non-brokered
private placement (the "Private Placement") of up to 10,000,000 Units in the
capital of the Corporation (the "Units") at a price of $0.05 per Unit for gross
proceeds of up to $500,000. Each Unit consists of one common share in the
capital of the Corporation (a "Common Share") and one Common Share purchase
warrant (a "Warrant"). Each Warrant shall entitle the holder thereof to purchase
one Common Share (a "Warrant Share") at an exercise price of $0.10 at any time
prior to 5:00 p.m. (Toronto time) on the day that is 18 months from the closing
date of the applicable tranche of the Private Placement. The Corporation issued
4,600,000 Units on March 19 for gross proceeds of $230,000. The Corporation paid
$5,500 as a finder's fee and issued 110,000 finder's compensation options to
Wolverton Securities Ltd. Each compensation option is exercisable to acquire one
Common Share at a price of $0.10 for a period of 18 months from the date hereof.
The Common Shares, the Warrants and the Warrant Shares issuable on exercise of
the Warrants will be subject to a four month and one day hold period in
accordance with applicable Canadian securities laws. The closing of the First
Tranche is subject to the final approval of the TSX Venture Exchange. The
Corporation continues to seek investment for closing additional tranches of the
Private Placement. The net proceeds will be used to identify, evaluate and fund
investments and for working capital and general corporate purposes.


Officers of Essex Angel Capital Inc. Julian Hawkins, Chief Financial Officer and
Michael Labiak, Chief Operations Officer, purchased 100,000 Units and 1,020,000
Units, respectively. The purchases of Units by Messrs. Hawkins and Labiak are
related party transactions pursuant to Multilateral Instrument 61-101,
Protection of Minority Holder in Special Transactions ("MI 61-101") and are
exempt from the formal valuation and minority approval requirements of MI 61-101
pursuant to subsections 5.5(b) and 5.7(b) of MI 61-101.


This news release does not constitute an offer to sell or solicitation of an
offer to sell any of the Common Shares in the United States. The Common Shares
have not been and will not be registered under the United States Securities Act
of 1933, as amended (the "U.S. Securities Act") or any state securities laws and
may not be offered or sold within the United States or to a U.S. Person unless
registered under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.


This press release contains certain forward-looking statements about the
Corporation's future plans and intentions. Wherever possible, words such as
"may", "will", "should", "could", "expect", "plan", "intend", "anticipate",
"believe", "estimate", "predict" or "potential" or the negative or other
variations of these words, or similar words or phrases, have been used to
identify these forward-looking statements. These statements reflect Management's
current beliefs and are based on information currently available to management
as at the date hereof. Forward-looking statements included or incorporated by
reference in this press release include statements with respect to the intended
use of proceeds of the Private Placement.


Forward-looking statements involve significant risk, uncertainties and
assumptions. Many factors could cause actual results, performance or
achievements to differ materially from the results discussed or implied in the
forward-looking statements. These factors should be considered carefully and
readers should not place undue reliance on the forward-looking statements.
Although the forward-looking statements contained in this press release are
based upon what management believes to be reasonable assumptions, the
Corporation cannot assure readers that actual results will be consistent with
these forward-looking statements. These forward-looking statements are made as
of the date of this press release, and the Corporation assumes no obligation to
update or revise them to reflect new events or circumstances, except as required
by law.