Non-brokered offering finances exploration and general working capital
By Devika Patel
Knoxville, Tenn., Oct. 28 – Equitas Resources Corp. issued a correction, saying in a press release on Tuesday that it raised C$209,500 in the second and final tranche of its non-brokered private placement of units. The deal priced for C$2 million on Sept. 9 and raised C$1.05 million on Oct. 6.
The company said on Oct. 28 that it had raised C$309,500 in the second tranche, for total proceeds of a C$1.36 million, but said Nov. 10 that it only raised a C$1.26 million.
The company sold 10,087,393 units, corrected from Oct. 28’s announcement of 10,887,393 units, of one common share and one warrant at C$0.125 per unit. It sold 8,411,393 units in the initial tranche and 1,676,000 units in the second tranche. The company mistakenly reported the sale of 2,476,000 units in the second tranche in the Oct. 28 release.
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.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$1,260,924
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| Units: | 10,087,393
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| Price: | C$0.125
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| Warrants: | One warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.25
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| Agent: | Non-brokered
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| Pricing date: | Sept. 9
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| Settlement dates: | Oct. 6 (for C$1,051,424), Oct. 28 (for C$209,500)
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| Stock symbol: | TSX Venture: EQT
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| Stock price: | C$0.17 at close Sept. 8
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| Market capitalization: | C$5.04 million
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