Equitas Resources Corp. Announces Non-Brokered Private Placement - Oversubscribed
Vancouver, British Columbia, July 27, 2016 – Equitas Resources Corp. (“Equitas” or the “Company”) (TSXV: EQT) (US: EQTRF) (Frankfurt: T6UN) is pleased to announce that the non-brokered private placement that was announced on July 22, 2016 has been oversubscribed.
Subject to acceptance of the TSX Venture Exchange, the Company will close on 6,610,000 units (“Units”) at $0.10 per Unit for proceeds of $661,000 and 1,818,181 Flow-Through Units (“FT Unit”) at $0.11 for proceeds of $200,000 for gross proceeds of $861,000.
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.
Proceeds of the private placement will be used for Canadian mineral exploration expenditures, development at the Cajueiro Project in Brazil and for general working capital.
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.