Non-brokered offering finances exploration and general working capital
By Devika Patel
Knoxville, Tenn., Oct. 6 – Equitas Resources Corp. said it raised C$1.05 million in the first tranche of a C$2 million non-brokered private placement of units. The deal priced on Sept. 9.
The company is selling 16 million units of one common share and one warrant at C$0.125 per unit. It sold 8,411,393 units in the initial tranche.
Each warrant is exercisable at C$0.25 for one year. The strike price represents a 47.06% premium to the Sept. 8 closing share price of C$0.17.
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: | Units of one common share and one warrant
|
| Amount: | C$2 million
|
| Units: | 16 million
|
| Price: | C$0.125
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 9
|
| Settlement date: | Oct. 6 (for C$1,051,424)
|
| Stock symbol: | TSX Venture: EQT
|
| Stock price: | C$0.17 at close Sept. 8
|
| Market capitalization: | C$7.36 million
|
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