Equitas Resources Closes $1.03-million Tranche of Placement

Equitas Resources Corp.(CVE:EQT) announced that it has closed a first tranche of the private placement that was previously announced on Aug. 18, 2015. This closing included gross proceeds raised of $1,035,860.
As quoted in the press release:

The company has issued 3.16 million units at 9.5 cents per unit for proceeds of $300,200 and 7,356,600 flow-through units at 10 cents per flow-through unit for proceeds of $735,660.
Each unit consists of one common share and one share purchase warrant. Each flow-through unit consists of one common share and one-half of one share purchase warrant. Every whole share purchase warrant entitles the holder to purchase one common share at a price of 20 cents 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 $34,961.20 cash and the issuance of 350,848 share purchase warrants exercisable for 12 months from closing at 20 cents per share.
The proceeds received from the flow-through units will be used by the company to incur qualified Canadian exploration expenses and the proceeds raised by the issuance of the units will be utilized for exploration of the company’s Garland nickel project, corporate development, and general and administrative purposes.