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Equity Metals Announces Flow Through Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - November 6, 2020) - Equity Metals Corporation...
About this update from Equity Metals Corporation
[{"type":"text","content":"Equity Metals Announces Flow Through Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - November 6, 2020) - Equity Metals Corporation (TSXV: EQTY) (the \"Company\" or \"Equity Metals\") reported today that it plans to issue up to a total of 12,500,000 flow through Units at a price of $0.18 per Unit for gross proceeds of $2,250,000. Each Unit will consist of one flow through common share and 1/2 non-flow through share purchase warrant with each full warrant exercisable for one common share at a price of $0.25 per common share for a period of three years after the closing of the Offering. The Company will make a provision for an over-allotment option (Greenshoe) to allow a purchase of up to 10% additional units beyond the number of units in this offering. Finders' fees and commissions may be paid by the Company in relation to the units sold in this offering. The private placement is subject to TSX Venture Exchange approval.Net proceeds will be used for costs associated with the continued exploration/drill program for the Silver Queen project in British Columbia.The Company plans upwards of 5,500 metres of drilling over the next 6 to 12 months which will target step-outs from the highlighted intercepts toward defining further extensions of mineral resources identified on the No. 3 Vein and recently identified mineralization in the Camp Vein systems. The Silver Queen project currently contains an NI43-101 Mineral Resources Estimate(1), using a CDN$100 NSR cut-off, of:Indicated - 244,000ozs AuEq: 85,000ozs Au, 5.2Mozs Ag, 5Mlbs Cu, 17Mlbs Pb and 114Mlbs Zn; and Inferred - 193,000ozs AuEq: 64,000ozs Au, 4.7Mozs Ag, 5Mlbs Cu, 16Mlbs Pb and 819Mlbs ZnInitial assays from the recently completed drill program on the Silver Queen project, British Columbia, intersected Bonanza-grade Silver Mineralization from the Camp Vein target including: a 0.3 metre downhole interval grading 56,115g/t Ag, 0.2g/t Au, 1.1% Cu, 0.6% Pb and 1.2% Zn (56,291g/t AgEq or 750.5g/t AuEq) within a broader 1.65 metre downhole interval averaging 12,448g/t Ag, 0.3g/t Au, 0.3% Cu, 0.5% Pb and 0.8% Zn (12,538g/t AgEq or 167.2g/t AuEq) from 112.4m to 114.1m down hole in SQ20-010. The Company has received a five-year, area-based exploration permit for its 100% owned Silver Queen Au-Ag Project, located near Houston in the well-mineralized Skeena Ar...