VANCOUVER, Aug. 19, 2014 /CNW/ - Equitas Resources Corp. ("Equitas" or the "Company") (TSX-V: EQT Frankfurt: T6U1) announces that it has mailed out the Information Circular with respect to its special meeting of shareholders scheduled for September 15, 2014 (the "Meeting"). As part of that Meeting, shareholders of the Company will be asked to approve a special resolution (the "Consolidation Resolution") approving the consolidation of the issued and outstanding common shares of the Company on a one (1) for three (3) basis (the "Consolidation"). The 51,037,415 common shares of the Company outstanding would reduce to approximately 17,012,472 common shares, once approved by shareholders and the TSX Venture Exchange ("TSX-V").
In the event the Consolidation Resolution is approved, the Company's outstanding options will be re-priced to an exercise price per share equal to the greater of (a) $0.10 per share, and (b) the Discounted Market Price (as defined in the policies of the TSX-V) on the date that is ten calendar days after the completion of the Consolidation.
The details of the share consolidation are included in the information circular and shareholders will vote in the Company's upcoming Meeting.
About Equitas Resources
Equitas Resources Corp. is a Canadian mineral resource company trading on the TSX Venture under the symbol "EQT" and on the Frankfurt Stock Exchange as "T6U1". Equitas has a portfolio of base and precious metal projects in Canada. With an experienced, dedicated management team, strong technical expertise, strategic partnerships and extensive network Equitas is focused on creating value for shareholders through identifying and developing early stage mineral deposits.
We encourage you to learn more about our team, the business model, key properties and our strategic partners by visiting our website:www.equitasresources.com.
On Behalf of the Board of Directors,
President, Chief Executive Officer
This press release may contain forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Neither the TSX Venture nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Equitas Resources Corp.
For further information: Sean Kingsley, Manager, Corporate Communications, Toll free: 1.877.377.6222, Office: 604.681.1568, Mobile: 604.440.8474, [email protected]