- Equity Metals Corporation (EQTY) has closed the first tranche of its non-brokered private placement
- The company issued a total of 13,045,233 flow-through units in this first tranche for gross proceeds of $2,692,650
- Exploration at Silver Queen is expected to commence during Q2-2023 and will initially test extensions of the Camp and Sveinson targets
- Equity Metals Corporation is a Manex Resource Group Company
- Equity Metals Corporation was up 2.632 per cent, trading at $0.195 at 10:42 AM ET
Equity Metals Corporation (EQTY) has closed the first tranche of its non-brokered private placement for gross proceeds of $1,692,650.
The first tranche consists of a total of 8,333,333 flow-through units priced at $0.12 per unit for gross proceeds of $1,000,000 and 4,711,900 premium flow-through units priced at $0.147 per unit for gross proceeds of $692,650.
Each FT unit and PFT unit consists of one flow-through common share and one non-flow-through share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of three years at an exercise price of $0.15 per share.
The company expects to close a second tranche of the offering in January 2023, issuing up to 10,500,000 non-flow-through units for gross proceeds of $1,050,000. Each NFT unit will consist of one non-flow-through common share and one warrant, exercisable at $0.15 for a period of three years.
The gross proceeds received from the FT offering will be used for work programs on the company’s Silver Queen, Au-Ag, exploration property in British Columbia.
The net proceeds received from the sale of the NFT units will be used for general working capital and may include exploration expenditures.
Exploration at Silver Queen is expected to commence during Q2-2023 and will initially test extensions of the Camp and Sveinson targets identified in drilling from 2021-22 exploration programs.
The Silver Queen project is a premier gold-silver property with over 100 years of historical exploration and development, 45 mineral claims, 17 crown grants, and two surface crown grants totalling 18,852ha.
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 was up 2.632 per cent, trading at $0.195 at 10:42 AM ET.
