/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, March 4, 2016 /CNW/ - Equitas Resources Corp. (TSXv: EQT) (FSE: T6UN) (USA: EQTRF) ("Equitas" or the "Company") is pleased to announce that the Company has arranged a non-brokered private placement of up to 20,000,000 units ("Units") of the Company at a price of $0.05 per Unit for gross proceeds of up to $1,000,000.
Each Unit will consist of one common share and one share purchase warrant ("Warrant"). Each Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.10 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. A finder's fee may be payable, in accordance with the policies of the TSX Venture Exchange. The private placement is subject to the approval of the TSX Venture Exchange. Finders fees may be payable in connection with this private placement.
Proceeds of the private placement are expected to be utilised to advance the Cajueiro Project, located in the States of Mato Grosso and Para, Brazil in accordance with the terms of the Alta Floresta Gold Ltd. share exchange agreement. The definitive share exchange agreement is subject to TSX Venture Exchange approval.
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, but are not limited to the gross proceeds will be raised; that finders fees may be paid; that the proceeds will be used for advancing the Cajueiro Project. Risks and uncertainties include economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Factors that could cause actual results to differ materially include that we are unable to raise sufficient interest in the financing; that we may not be able to raise sufficient funds to complete our intended exploration and development; and that despite encouraging data there may be no commercially exploitable mineralization on our properties. Except as required by law, we do not undertake to update these forward looking statements.
SOURCE Equitas Resources Corp.
For further information: Sean Kingsley, Manager | Corporate Communications, Equitas Resources Corp., Telephone (604) 681-1568, Email: [email protected], www.equitasresources.com