Equitas Resources Corp. Oversubscribes Financing; Raises $1.5M
– Momentum Public Relations – April 4th, 2016
Equitas Resources Corp. (TSXV: EQT) (US: EQTRF) (FSE: T6UN) (“Equitas” or the “Company”) is pleased to announce that it has closed the second and final tranche of the private placement that was announced on March 4, 2016. This closing included gross proceeds raised of $1,100,000.
The Company has issued 22,000,000 Units at $0.05 per Unit. Each Unit consists of one common share and one share purchase warrant. Every share purchase warrant entitles the holder to purchase one common share at a price of $0.10 for 24 months after the closing.
Combining both tranches, the Company issued a total of 30,000,000 Units for combined gross proceeds of $1,500,000. Of the 30,000,000 Units purchased, over 10,400,000 were purchased by Insiders of the Company.
All securities hereunder are subject to a four month and a day hold from the closing date. Finders fees paid in conjunction with this closing were $31,600.00 cash and the issuance of 632,000 share purchase warrants exercisable for 24 months from closing at $0.10 per share.
The proceeds received from the Units will be used by the Company for corporate development, general and administrative costs and towards the acquisition of a 100% interest in Alta Floresta Gold Ltd., subject to Exchange approval; (see news release dated March 7, 2016).
About Alta Floresta Gold Ltd.
Alta Floresta Gold Ltd. is a private company which holds a 60% equity interest in Alta Floresta Gold Mineracao S.A.. (“Alta Floresta Mineracao”), with the right to earn-in to a 70% equity interest. Alta Floresta Mineracao holds six gold properties, and four production licences, over 184,410 hectares of land in the Mato Grosso and Para states of Brazil. Alta Floresta Mineracao is initially focused on production activities and defining additional gold resources at the Cajueiro Project.