Source: Equity Metals Corporation
  • 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.


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