Equitas Resources Corp. Announces Closing of Second Tranche of Non-Brokered Private Placement


March 3rd, 2017

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES

March 3, 2017 - Equitas Resources Corp. (TSXV: EQT) (FSE: T6UN) (USA: EQTRF) (“Equitas” or the “Company”) is pleased to announce that it has closed the second tranche of the non-brokered private placement previously announced on January 31, 2017.

The Company has raised an additional $752,314 through the issuance of 4,179,521 units (“Units”) at a price of $0.18 per Unit (the “Issue Price”). The total combined proceeds for the first and second tranches amounts to $2,518,002 through the issuance of 13,988,900 units.

Each Unit consists of one common share and one non-transferable share purchase warrant exercisable at $0.27 per warrant share for a period of twenty-four months from the issue date. The Company will pay finders fees in respect of this tranche amounting to $29,400 in cash.

Insiders subscribed for 416,664 units of this tranche for proceeds of $75,000. Each insider’s subscription constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and Policy 5.9 – Protection of Minority Security Holders in Special Transactions of the TSX Venture Exchange. The Company is relying on an exemption available from the formal valuation requirements under Section 5.5(a) of MI 61-101 and an exemption available from minority approval requirements under Section 5.7(a) of MI 61-101 on the basis that the fair market value of the transactions with the insiders do not exceed 25% of the Company’s market capitalization.

Equitas intends to use the net proceeds for a drilling program on the Company’s mineral properties in Brazil, and for general working capital purposes.

All the securities are subject to a four-month hold period from the date of closing.

On Behalf of the Board of Directors,

EQUITAS RESOURCES CORP.

“Alan Carter”

Alan Carter
President

Tel: 604.676.5660
info@equitasresources.com

Neither TSX Venture Exchange nor it 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

Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. 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 news release include the proposal to raise funds and the intended use of proceeds, assuming that the private placement is completed. Risks and uncertainties include the state of the markets and the market for the Company’s securities. Factors that could cause actual results to differ materially include that Equitas is unable to complete all or a portion of the financing. Except as required by law, we do not undertake to update these forward looking statements.
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