VANCOUVER, Oct. 28, 2015 /CNW/ - Equitas Resources
Corp. (TSXv: EQT) (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 September 10, 2015. This closing included gross
proceeds raised of $309,500.
The Company has issued 2,476,000 Units at $0.125 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
$0.25 for 12 months after the
closing.
Combining both tranches, the Company issued a total of
10,887,393 Units for combined gross proceeds of $1,360,924. In addition, since September
1, 2015 the Company has received over $550,000 through the exercise of share purchase
warrants and stock options.
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 $10,625 cash and
the issuance of 64,000 share purchase warrants exercisable for 12
months from closing at $0.25 per
share.
The proceeds received from the Units will be used by the Company
for ongoing exploration and drilling of the Company's Garland
Nickel Project, corporate development and general and
administrative purposes.
On Behalf of the Board of Directors,
EQUITAS RESOURCES CORP.
"Kyler Hardy"
Kyler Hardy
President
Tel: 604.681.1568
info@equitasresources.com
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.
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. 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.
SOURCE Equitas Resources Corp.