Equitas Resources Corp. Announces Closing of First Tranche of Non-Brokered Private Placement
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Vancouver, BC (FSCwire) - Equitas Resources Corp. (TSXV: EQT) (FSE: T6UN) (USA: EQTRF) (“Equitas” or the “Company”) is pleased to announce that it has closed the first of two tranches of the non-brokered private placement announced on February 1, 2017.
The Company has issued 9,809,379 units (“Units”) at a price of $0.18 per Unit (the “Issue Price”) for gross proceeds of $1,765,688. A second tranche 4,190,621 Units is expected to close on or around February 27, 2017.
Each Units consists of one common share and one non-transferable share purchase warrant exercisable at $0.27 per warrant share for a period of twenty-four months from the issue date. The Company has issued 616,656 shares and 110,998 warrants as a finder’s fee in respect this tranche of the placement.
Equitas intends to use the net proceeds for a drilling program on the Company's mineral properties in Brazil, and for general working capital purposes.
All the securities are subject to a four-month hold period from the date of closing.
On Behalf of the Board of Directors,
EQUITAS RESOURCES CORP.
Neither TSX Venture Exchange nor it 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.
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Forward looking statements in this news release include the proposal to raise funds and the intended use of proceeds, assuming that the pricate placement is completed. Risks and uncertainties include the state of the markets and the market for the Company’s securities. Factors that could cause actual results to differ materially include that Equitas is unable to complete all or a portion of the financing. Except as required by law, we do not undertake to update these forward looking statements.
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Source: Equitas Resources Corp. (TSX Venture:EQT, FWB:T6UP)
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