/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./
VANCOUVER, June 26, 2015 /CNW/ - Equitas Resources Corp. (TSXv: EQT) (FSE: T6UN) ("Equitas" or the "Company") is pleased to announce that it has arranged a non-brokered private placement of 6,000,000 units ("Units") of the Company at a price of $0.085 per Unit for gross proceeds of $510,000.
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 $0.15 per share for a period of 24 months from closing.
All the securities issuable 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.
Zimtu Capital Corp., an insider of the Company, will participate in the private placement. Zimtu intends to sell up to 4,000,000 of its previously owned common shares of Equitas to arms-length investors prior to closing of the private placement and will use the proceeds from the sale to participate in this financing.
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.
About Equitas Resources Corp.
Equitas Resources Corp. is a Canadian-based mineral exploration company with a focus on nickel, copper, platinum group metals (PGM) and cobalt. The Company is engaged in the acquisition, exploration and development of mineral properties. Its Garland Property is 25,050 hectares and located approximately 30kms south-east of the Voisey's Bay mine in Labrador, Canada.
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. 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