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Equity Metals Announces Increase to Previously Announced Private Placement
Vancouver, British Columbia--(Newsfile Corp. - July 7, 2020) - Equity Metals Corporation (TS...
About this update from Equity Metals Corporation
[{"type":"text","content":"Equity Metals Announces Increase to Previously Announced Private PlacementVancouver, British Columbia--(Newsfile Corp. - July 7, 2020) - Equity Metals Corporation (TSXV: EQTY) (OTCQB: EQMEF) (the \"Company\" or \"Equity Metals\") reports that it is increasing the previously announced private placement and is now issuing up to a total of 25,000,000 units at a price of $0.07 per unit for gross proceeds of $1.75 million. Each unit will consist of one common share and one share purchase warrant with each warrant exercisable for a period of three years after the closing of the offering for one common share at a price of $0.10 per common share. 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 proposed exploration program for the Silver Queen project in British Columbia and for general working capital.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; andInferred - 193,000ozs AuEq: 64,000ozs Au, 4.7Mozs Ag, 5Mlbs Cu, 16Mlbs Pb and 819Mlbs ZnThe 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 Arch region of British Columbia. Initial drilling on the property will focus on the systematic resource expansion on an historic high-grade precious-metal-enriched epithermal vein system as well as the identification of new mineral discoveries to further increase existing mineral resources noted below. Three separate vein structures are targeted for exploration drilling in 2020, with the near- to mid-term objective of doubling the existing mineral resource on the property.Silver Queen Project BackgroundThe Silver Queen Project is a premier gold-silver property with over 100 years of historic exploration and development located adjacent to power, roads and rail with significant mining infrastructure that was developed under previous operat...