VANCOUVER, Dec. 16, 2014 /CNW/ - Equitas Resources Corp. (TSXv: EQT) (FSE: T6U1) ("Equitas" or the "Company") is pleased to announce a non-brokered private placement of up to 5,000,000 flow-through units ("FT Units) at a price of $0.05 per FT Unit and up to 5,000,000 units ("Units") at $0.05 per Unit for gross proceeds of up to $500,000.
Each FT Unit will consist of one flow-through common share and one half of one non flow-through common share purchase warrant in the capital of the Company. Each whole share purchase warrant (a "Warrant") is exercisable into one common share of the Company for a period of 24 months from closing at a price of $0.10 per common share. Each Unit will consist of one non flow-through common share and one Warrant. Each Warrant is exercisable into one common share of the Company for a period of 24 months from closing at a price of $0.10 per common share.
All the securities issuable will be subject to a four-month hold period from the date of closing. The private placement is subject to the approval of the TSX Venture Exchange. A finder's fees may be payable in connection with this private placement.
The proceeds of the private placement will be used to advance the Company's exploration activities at the Garland Property in Labrador, Canada, and for general working capital.
In addition, the Company would like to inform shareholders it has decided not to proceed with its option on the Day property. Specific claims will be returned to the underlying prospector in accordance with the terms of the option agreement. The remainder of the property remains in the Company's possession with no expenditures due until 2017.
On Behalf of the Board of Directors
EQUITAS RESOURCES CORP.
Neither TSX Venture Exchange nor its 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. Forward looking statements in this news release include, but are not limited to the statement that the Company will raise the $500,000 and issue the securities; incur qualified exploration expenditures; or pay finder's fees.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Investors who have indicated their investment intent may not close as expected. Readers should refer to the risk disclosures outlined in the Company's Management Discussion & Analysis of its audited financial statements filed with the British Columbia Securities Commission.
SOURCE: Equitas Resources Corp.
For further information: Kyler Hardy, President, Tel: 604.681.1568