Equitas Resources Announces $2 Million Non-Brokered Private Placement

Equitas Resources Corp.(CVE:EQT) announced that it has arranged a non-brokered private placement of up to 16 million units of the company at a price of 12.5 cents per unit for gross proceeds of up to $2-million.
As quoted in the press release:

Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the company at a price of 25 cents per share for a period of 12 months from closing.
All the securities will be subject to a four-month hold period from the date of closing. A finder’s fee may be payable, in accordance with the policies of the TSX Venture Exchange. The private placement is subject to the approval of the TSX Venture Exchange.
Proceeds of the private placement will be used to advance the phase 2 exploration program currently under way at the Garland property in Labrador, Canada, and for general working capital.