VANCOUVER, Dec. 16, 2014 /CNW/ - Equitas Resources
Corp. (TSXv: EQT) (FSE: T6U1) ("Equitas" or the "Company") is
pleased to announce a non-brokered private placement of up to
5,000,000 flow-through units ("FT Units) at a price of $0.05 per FT Unit and up to 5,000,000 units
("Units") at $0.05 per Unit for gross
proceeds of up to $500,000.
Each FT Unit will consist of one flow-through common share and
one half of one non flow-through common share purchase warrant in
the capital of the Company. Each whole share purchase warrant
(a "Warrant") is exercisable into one common share of the Company
for a period of 24 months from closing at a price of $0.10 per common share. Each Unit will
consist of one non flow-through common share and one Warrant. Each
Warrant is exercisable into one common share of the Company for a
period of 24 months from closing at a price of $0.10 per common share.
All the securities issuable will be subject to a four-month hold
period from the date of closing. The private placement is subject
to the approval of the TSX Venture Exchange. A finder's fees may be
payable in connection with this private placement.
The proceeds of the private placement will be used to advance
the Company's exploration activities at the Garland Property in
Labrador, Canada, and for general
working capital.
In addition, the Company would like to inform shareholders it
has decided not to proceed with its option on the Day property.
Specific claims will be returned to the underlying prospector
in accordance with the terms of the option agreement. The remainder
of the property remains in the Company's possession with no
expenditures due until 2017.
On Behalf of the Board of Directors
EQUITAS RESOURCES CORP.
"Kyler Hardy"
Kyler Hardy
President
Tel: 604.681.1568
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, but are not limited to the statement that the Company will
raise the $500,000 and issue the
securities; incur qualified exploration expenditures; or pay
finder's fees.
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
economic, competitive, governmental, environmental and
technological factors that may affect the Company's operations,
markets, products and prices. Investors who have indicated
their investment intent may not close as expected. 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.
SOURCE Equitas Resources Corp.