Non-brokered offering finances exploration and general working capital
By Tali Rackner
Norfolk, Va., Sept. 15 – Equitas Resources Corp. closed on the first tranche of a non-brokered private placement of units for gross proceeds of about C$1.04 million.
The company sold 7,356,600 flow-through units of one flow-through common share and one half-share warrant at C$0.10 per unit and 3.16 million units of one common share and one warrant at C$0.095 per unit.
Each whole warrant is exercisable at C$0.20 for one year. The strike price represents a 53.85% premium to the Aug. 17 closing share price of C$0.13.
Equitas announced the C$1.8 million private placement on Aug. 18, saying it planned to sell 15 million flow-through units and 3,157,895 units.
Proceeds will be used for exploration, corporate development and general and administrative purposes.
The natural resource exploration and development company is based in Vancouver, B.C.
| Issuer: | Equitas Resources Corp.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, units of one common share and one warrant
|
| Amount: | C$1,035,860
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 18
|
| Settlement date: | Sept. 15
|
| Stock symbol: | TSX Venture: EQT
|
| Stock price: | C$0.13 at close Aug. 17, C$0.21 at close Sept. 14
|
| Market capitalization: | C$4.03 million
|
|
|
| Flow-through units
|
| Amount: | C$735,660
|
| Units: | 7,356,600
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
|
|
| Units
|
| Amount: | C$300,200
|
| Units: | 3.16 million
|
| Price: | C$0.095
|
| Warrants: | One warrant per unit
|
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