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VANCOUVER, Aug. 18, 2015 /CNW/ - Equitas Resources Corp. (TSXv: EQT) (FSE: T6UN) ("Equitas" or the "Company") is pleased to announce that the Company has arranged a non-brokered private placement of up to 3,157,895 units ("Units") of the Company at a price of $0.095 per Unit for gross proceeds of up to $300,000. Concurrently the Company will also be offering up to 15,000,000 flow-through units ("FT Units") at a price of $0.10 per FT Unit for gross proceeds of up to $1,500,000.
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 $0.20 per share for a period of 12 months from closing.
Each FT Unit will consist of one common share and one-half of a share purchase warrant. Each whole Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.20 per share for a period of 12 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.
Proceeds of the private placement will be used to advance the Phase 2 exploration program currently underway at the Garland Property in Labrador, Canada, and for general working capital.
About Equitas Resources Corp.
Equitas Resources is a Canadian-based mineral exploration company with a focus on nickel, copper, platinum group metals (PGM) and cobalt. The Companies Garland Property is 20,075 hectares and located in the Voisey's Bay district of Labrador, Canada.
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 exploration and corporate purposes. 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: Kyler Hardy, President, Tel: 604.681.1568, firstname.lastname@example.org