September 6, 2011 - Equitas Resources Corp. Equitas Resources Corp. (TSXv: EQT) (FSE: T6U1) (the “Company” or “Equitas”) is pleased to announce that it has closed the first tranche of its private placement previously announced on July 7, 2011. The Company has raised $1,433,749 through the issuance of 9,558,333 Units (the “Units”) at a price of $0.15 per Unit.
Each Unit consists of one common share (a “Share”) and one half of one share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one additional Share of the Company for a period of 24 months from the closing date at a price of $0.20 per Share. The Shares and any shares issued upon exercise of the Warrants are subject to a hold period expiring January 7, 2012.
In the event that the volume-weighted average trading price of the Company’s common shares on the TSX Venture Exchange (“TSX-V”) is greater than $0.30 for 15 consecutive trading days at any time after the hold period expires the Company may, upon giving notice to the warrantholders, accelerate the expiry date of the warrants to 30 days from the date of notice.
In connection with the closing of the first tranche of the private placement finder’s fees totaling $22,044 were paid in accordance with the policies of the TSX-V. The proceeds from the private placement will be used for general working capital and mineral exploration on the Company’s properties.
About Equitas Resources Corp.
Equitas Resources Corp. is a junior exploration and development company focused on creating shareholder value through discovery of mineral deposits. The Company is at the early stage of the value creation process with the Day Copper-Gold Porphyry Project located in the Toodoggone region of northcentral British Columbia. Equitas plans to expand its resource assets in the region and outside of Canada. For more information please visit the Company’s website at http://www.equitasresources.com, or email email@example.com.
On Behalf of the Board of Directors
Equitas Resources Corp.
President & Director
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. 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. Forward-looking statements in this news release include that the proceeds of the private placement will be used for general working capital and mineral exploration on the Company’s properties. It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company’s operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company’s Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.