Equitas Resources Corp. (TSX-V:EQT) (FSE:T6UN) is pleased to announce it has closed a first tranche of the private placement that was previously announced on September 9, 2015. The Company has issued 8,411,393 Units at $0.125 per Unit for gross proceeds of $1,051,424.
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.
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 $5,500.00 cash and the issuance of 44,000 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 of the Company’s Garland Nickel Project, corporate development and general and administrative purposes.
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