VANCOUVER, Sept. 18, 2015 /CNW/ - Equitas Resources Corp. (TSXv: EQT) (FSE: T6U1) ("Equitas" or the "Company") is pleased to announce it has closed a second and final tranche of the private placement that was previously announced on August 18, 2015. This closing included gross proceeds raised of $967,660.
The Company has issued 9,676,600 Flow-Through Units (FT Units) at $0.10 per FT Unit for proceeds of $967,660. Each FT Unit consists of one common share and one half of one share purchase warrant. Every whole share purchase warrant entitles the holder to purchase one common share at a price of $0.20 for 12 months after the closing.
Combining both tranches, the Company issued a total of 17,033,200 FT Units and a total of 3,160,000 Units for combined gross proceeds of $2,003,520.
All securities issued are subject to a four month and a day hold from the closing date.
Total finders fees paid in conjunction with both tranches totalled $115,574 cash and the issuance of 1,156,976 share purchase warrants exercisable for 12 months from closing at $0.20 per share.
In addition, during the past month the Company has received over $197,000 through the exercise of warrants.
The proceeds received from the FT Units will be used by the Company to incur qualified Canadian Exploration Expenses and the proceeds raised by the issuance of the Units will be utilized for exploration of the Company's Garland Nickel Project, corporate development and general and administrative purposes.
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.
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. Factors that could cause actual results to differ materially may include misinterpretation of data; that we may not be able to get equipment or labour as we need it; that we may not be able to raise sufficient funds to complete our intended exploration and development; that our applications to drill may be denied; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; that results which we or others have found in any particular location are not necessarily indicative of larger areas of our properties; that we may not complete environmental programs in a timely manner or at all; that market prices for nickel may not justify commercial production costs; and that despite encouraging data there may be no commercially exploitable mineralization on our properties.
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, [email protected]