Non-brokered offering finances exploration and general working capital
By Devika Patel
Knoxville, Tenn., Sept. 18 – Equitas Resources Corp. said it raised C$967,660 in the second and final tranche of a C$2 million non-brokered private placement of units. The deal priced for C$1.8 million on Aug. 18 and raised C$1.04 million on Sept. 15.
The company sold 17,033,200 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.
In the first tranche, Equitas sold 7,356,600 flow-through units and 3.16 million units. It sold 9,676,600 flow-through units in the second tranche.
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.
Proceeds will be used for exploration and general working capital.
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$2,003,520
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 18
|
| Pricing date: | Sept. 15 (for C$1,035,860), Sept. 18 (for C$967,660)
|
| Stock symbol: | TSX Venture: EQT
|
| Stock price: | C$0.13 at close Aug. 17
|
| Market capitalization: | C$6.31 million
|
|
|
| Flow-through units
|
| Amount: | C$1,703,320
|
| Units: | 17,033,200
|
| 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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