Equity Metals (EQTY) has closed its previously announced flow-through and non-flow-through private placements for gross proceeds of $3,634,050.63.
The company issued a total of 24,528,671 FT and NFT units.
Equity Metals closed the final tranche of the non-brokered private placement by issuing 1,725,002 non-flow-through (NFT) units for gross proceeds of $241,500.28 and 12,100,002 flow-through (FT) units for gross proceeds of $1,815,000.30.
Each NFT unit will include one non-flow-through common share and one-half of one warrant. Each FT unit will be comprised of one flow-through common share and one-half of one non-flow-through warrant. Each whole warrant entitles the holder to purchase one non-flow-through common share for a period of 2 years at a price of $0.20.
The gross proceeds received from the sale of the FT units will be used for work programs on the 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.
Completion of the offering and the payment of any finders’ fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
Equity Metals Corporation is a Manex Resource Group Company. Manex provides exploration, administration, and corporate development services for Equity Metals’ two major mineral properties, the Silver Queen Au-Ag-Zn-Cu project, located in central B.C., and the Monument Diamond project, located in Lac De Gras, NWT.
Equity Metals owns a 100 per cent interest in the Silver Queen Project The company also has a controlling JV interest in the Monument Diamond project, NWT.
Equity Metals Corporation (EQTY) opened trading at C$0.14 per share.