Equitas Resources Corp. Announces Non-Brokered Private Placement
Vancouver, British Columbia, July 22, 2016 – Equitas Resources Corp. (“Equitas” or the “Company”) (TSXV: EQT) (US: EQTRF) (Frankfurt: T6UN) is pleased to announce that it has arranged a non-brokered private placement. It is anticipated that insiders of the Company plan to participate for not more than 25% of the placement.
The arrangement is for up to 4,500,000 units (“Units”) of the Company at a price of $0.10 per Unit for gross proceeds of up to $450,000. Concurrently the Company will also be offering up to 1,800,000 flow-through units (“FT Units”) at a price of $0.11 per FT Unit for gross proceeds of up to $200,000.
Each Unit will consist of one common share and one share purchase warrant (a “Warrant”). Each FT Unit will consist of one common share and one-half of a share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.16 per share for a period of 24 months from closing.
All the securities will be subject to a four-month hold period from the date of closing. There will be no finder’s fee payable. The private placement is subject to the approval of the TSX Venture Exchange.
Proceeds of the private placement will be used for Canadian mineral exploration expenditures, and for general working capital.
“We are pleased to have this private placement, management plans to be a part of the subscription, to increase our cash position, and prepare us for the upcoming development programme on Cajueiro. We are now awaiting drilling assay results and the metallurgical testing to come back so as to fine-tune our development plans” said Chris Harris, President & CEO of Equitas Resources.
On Behalf of the Board of Directors,
EQUITAS RESOURCES CORP.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future planned exploration expenditures and the costs for the programs and the expectation of adding additional resources in the Baldo target area are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The reader is cautioned that references to mineral resources that are not mineral reserves do not have demonstrated economic viability and assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.