Equitas Resources Corp. Announces Non-Brokered Private Placement

Vancouver, British Columbia, July 22, 2016 – Equitas Resources Corp. (“Equitas” or the “Company”) (TSXV: EQT) (US: EQTRF) (Frankfurt: T6UN) is pleased to announce that it has arranged a non-brokered private placement. It is anticipated that insiders of the Company plan to participate for not more than 25% of the placement.
The arrangement is for up to 4,500,000 units (“Units”) of the Company at a price of $0.10 per Unit for gross proceeds of up to $450,000. Concurrently the Company will also be offering up to 1,800,000 flow-through units (“FT Units”) at a price of $0.11 per FT Unit for gross proceeds of up to $200,000.
Each Unit will consist of one common share and one share purchase warrant (a “Warrant”). Each FT Unit will consist of one common share and one-half of a share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.16 per share for a period of 24 months from closing.
All the securities will be subject to a four-month hold period from the date of closing. There will be no finder’s fee payable. The private placement is subject to the approval of the TSX Venture Exchange.
Proceeds of the private placement will be used for Canadian mineral exploration expenditures, and for general working capital.
“We are pleased to have this private placement, management plans to be a part of the subscription, to increase our cash position, and prepare us for the upcoming development programme on Cajueiro. We are now awaiting drilling assay results and the metallurgical testing to come back so as to fine-tune our development plans” said Chris Harris, President & CEO of Equitas Resources.