VANCOUVER,
Feb. 18, 2015 /CNW/ - Equitas
Resources Corp. (TSXv: EQT) (FSE: T6UN) ("Equitas" or the
"Company") announces, subject to TSX Venture Exchange ("Exchange")
acceptance, a revision to the pricing of a non-brokered private
placement and a shares for debt agreement that was previously
announced on February 6, 2015, and in
accordance with Exchange policies, these agreements will now be
priced at $0.06 per common share and
not at $0.05.
The proposed non-brokered private placement will consist of up
to 5,693,333 units ("Units") at a price of $0.06 per Unit for gross proceeds of up to
$341,600. Each Unit to be made
up of one common share and one Warrant exercisable into one common
share of the Company for a period of 24 months from closing
at a price of $0.10 per common
share.
All the securities issuable will be subject to a four-month hold
period from the date of closing. The private placement is subject
to the approval of the TSX Venture Exchange.
The proceeds of the private placement will be used to advance
the Company's exploration activities at the Garland Property in
Labrador, Canada, and for general
working capital.
In addition, subject to Exchange acceptance, the Company has
entered into a debt settlement agreement dated January 30, 2015 (the "Debt Settlement
Agreement") with Ridge Resources Ltd. ("Ridge") a company
controlled by Kyler Hardy, President
and Director of Equitas.
Ridge entered into an Amendment to the Assignment of Debt
Agreement dated February 17, 2015
with Zimtu Capital Corp. a related Company, whereby Ridge purchased
$100,000 of the existing debt for
$50,000. The Company wishes to
extinguish the assigned debt by the issuance of 833,333 common
shares at a deemed value of $0.06 per
common share (previously announced at $0.05), based on amount paid by Ridge to acquire
the debt, rather than the principle amount of the debt. The
shares will be subject to a four month hold period.
The Company is relying on exemptions from the prospectus
requirements found in section 2.14 of National Instrument 45-106
and applicable securities laws to issue the shares to
Zimtu. The common shares issued to Ridge will be subject to a
four month hold period.
The Company has approved the issuance of 1,775,000 incentive
stock options of which 1,250,000 have been allocated to Directors
and Officers. The options are exercisable at $0.10 per common share for a period of 5 years
from the issuance.
On Behalf of the Board of Directors,
EQUITAS RESOURCES CORP.
"Kyler Hardy"
Kyler Hardy
President
Tel: 604.681.1568
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
It is important to note that actual outcomes and the Company's
actual results could differ materially from those in such
forward-looking statements. Risks and uncertainties include
economic, competitive, governmental, environmental and
technological factors that may affect the Company's operations,
markets, products and prices. Factors that could cause
actual results to differ materially may include misinterpretation
of data; that we may not be able to get equipment or labour as we
need it; that we may not be able to raise sufficient funds to
complete our intended exploration and development; that our
applications to drill may be denied; that weather, logistical
problems or hazards may prevent us from exploration; that equipment
may not work as well as expected; that analysis of data may not be
possible accurately and at depth; that results which we or others
have found in any particular location are not necessarily
indicative of larger areas of our properties; that we may not
complete environmental programs in a timely manner or at all; that
market prices for nickel may not justify commercial production
costs; and that despite encouraging data there may be no
commercially exploitable mineralization on our properties.
Readers should refer to the risk disclosures outlined in the
Company's Management Discussion & Analysis of its audited
financial statements filed with the British Columbia Securities
Commission.
SOURCE Equitas Resources Corp.