Non-brokered deal sells units at C$0.05 each to fund Cajueiro Project
By Devika Patel
Knoxville, Tenn., April 7 – Equitas Resources Corp. said it raised C$1.1 million in the second tranche of a C$1.5 million non-brokered private placement of units. The deal priced for C$1 million on March 4 and raised C$400,000 on March 8.
The company sold 30 million units of one common share and one warrant at C$0.05 per unit. It sold 8 million units in the initial tranche and 22 million units in the second tranche.
Each warrant is exercisable at C$0.10 for two years. The strike price represents a 100% premium to the March 3 closing share price of C$0.05.
Proceeds will be used for corporate development, for general and administrative costs, to acquire an interest in Alta Floresta Gold Ltd. and to advance the Cajueiro Project in Brazil.
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$1.5 million
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Units: | 30 million
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Price: | C$0.05
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.10
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Agent: | Non-brokered
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Pricing date: | March 4
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Pricing date: | March 8 (for C$400,000), April 7 (for C$1.1 million)
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Stock symbol: | TSX Venture: EQT
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Stock price: | C$0.05 at close March 3
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Market capitalization: | C$4.65 million
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