Equitas Resources Corp. Announces Non-Brokered Private Placement – Oversubscribed
– Momentum Public Relations –
Press Release: July 27, 2016
Equitas Resources Corp. (“Equitas” or the “Company”) (TSXV: EQT) (US: EQTRF) (Frankfurt: T6UN) is pleased to announce that the non-brokered private placement that was announced on July 22, 2016 has been oversubscribed.
Subject to acceptance of the TSX Venture Exchange, the Company will close on 6,610,000 units (“Units”) at $0.10 per Unit for proceeds of $661,000 and 1,818,181 Flow-Through Units (“FT Unit”) at $0.11 for proceeds of $200,000 for gross proceeds of $861,000.
Each Unit will consist of one common share and one share purchase warrant (a “Warrant”). Each FT Unit will consist of one common share and one-half of a share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.16 per share for a period of 24 months from closing.
All the securities will be subject to a four-month hold period from the date of closing. There will be no finder’s fee payable.
Proceeds of the private placement will be used for Canadian mineral exploration expenditures, development at the Cajueiro Project in Brazil and for general working capital.