April 7, 2016 - Equitas Resources Corp. (TSXv: EQT) (US: EQTRF) (FSE: T6UN) (“Equitas” or the “Company”) is pleased to announce that it has closed the second and final tranche of the private placement that was announced on March 4, 2016. This closing included gross proceeds raised of $1,100,000.
The Company has issued 22,000,000 Units at $0.05 per Unit. Each Unit consists of one common share and one share purchase warrant. Every share purchase warrant entitles the holder to purchase one common share at a price of $0.10 for 24 months after the closing.
Combining both tranches, the Company issued a total of 30,000,000 Units for combined gross proceeds of $1,500,000. Of the 30,000,000 Units purchased, over 10,400,000 were purchased by Insiders of the Company.
All securities hereunder are subject to a four month and a day hold from the closing date. Finders fees paid in conjunction with this closing were $31,600.00 cash and the issuance of 632,000 share purchase warrants exercisable for 24 months from closing at $0.10 per share.
The proceeds received from the Units will be used by the Company for corporate development, general and administrative costs and towards the acquisition of a 100% interest in Alta Floresta Gold Ltd., subject to Exchange approval; (see news release dated March 7, 2016).
About Alta Floresta Gold Ltd.
Alta Floresta Gold Ltd. is a private company which holds a 60% equity interest in Alta Floresta Gold Mineracao S.A.. (“Alta Floresta Mineracao”), with the right to earn-in to a 70% equity interest. Alta Floresta Mineracao holds six gold properties, and four production licences, over 184,410 hectares of land in the Mato Grosso and Para states of Brazil. Alta Floresta Mineracao is initially focused on production activities and defining additional gold resources at the Cajueiro Project.
On Behalf of the Board of Directors,
EQUITAS RESOURCES CORP.
Neither 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 release.
Forward Looking Statements
It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Forward looking statements in this release include but are not limited to that the acquisition of Alta Floresta Gold Ltd. will be concluded. Risks and uncertainties include economic, competitive, governmental, environmental and technological factors that may affect the Company’s operations, markets, products and prices. Factors that could cause actual results to differ materially may include misinterpretation of data; that we may not be able to get equipment or labour as we need it; that we may not be able to raise sufficient funds to complete our intended exploration and development; that our applications to drill may be denied; that weather, logistical problems or hazards may prevent us from exploration; that equipment may not work as well as expected; that analysis of data may not be possible accurately and at depth; that results which we or others have found in any particular location are not necessarily indicative of larger areas of our properties; that we may not complete environmental programs in a timely manner or at all; that market prices for nickel may not justify commercial production costs; and that despite encouraging data there may be no commercially exploitable mineralization on our properties.
Readers should refer to the risk disclosures outlined in the Company’s Management Discussion & Analysis of its audited financial statements filed with the British Columbia Securities Commission.