- Equity Metals Corporation (EQTY) has increased its previously-announced non-brokered private placement of securities
- The company will now raise total gross proceeds of up to $2,500,000
- The $2.5 million offering involves the issuance of 21,095,238 units and has three parts
- Equity Metals Corporation is a member of the Manex Resource Group, involved in exploration, administration, and corporate development services
- Equity Metals Corporation opened trading at $0.165
Equity Metals Corporation (EQTY) has increased its non-brokered private placement for gross proceeds of up to $2,500,000.
Equity Metals announced a non-brokered private placement of $1.7 million on December 6 and increased it to $2 million on December 7.
The $2.5 million offering involves the issuance of 21,095,238 units and has three parts.
The company will issue up to 8,000,000 non-flow-through units for gross proceeds of $800,000, 8,333,333 flow-through units for gross proceeds of $1,000,000 and 4,761,905 charitable flow-through units for gross proceeds of $700,000.
The company has offered the agents an over-allotment option (Greenshoe) to raise up to an additional 10 per cent of the gross proceeds in this offering ($2,750,000).
Each NFT unit will consist of one non-flow-through common share and one transferable share purchase warrant.
Each FT unit and CFT unit will consist of one flow-through common share and one warrant. Each warrant will entitle the holder to purchase one non-flow-through common share for a period of 3 years at a price of $0.15.
The company plans to use the gross proceeds received from the sale of the FT units and CFT units for work programs on the company’s Silver Queen, Au-Ag, exploration property in B.C. Equity will use the net proceeds received from the sale of the NFT units for general working capital.
Equity Metals Corporation is a Manex Resource Group Company. Manex provides exploration, administration, and corporate development services for Equity Metals’ two major mineral properties.
Equity Metals Corporation opened trading at $0.165.
