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Equity Metals Announces the Closing of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - August 17, 2023) - Equity Metals Corporation ( T...
About this update from Equity Metals Corporation
[{"type":"text","content":"Equity Metals Announces the Closing of Private PlacementVancouver, British Columbia--(Newsfile Corp. - August 17, 2023) - Equity Metals Corporation (TSXV: EQTY) (OTCQB: EQMEF) (the \"Company\" or \"Equity Metals\") reported today that it has closed its previously announced flow-through private placement (the \"Offering\") by issuing a total of 6,263,112 flow-through units (\"FT Units\") at a price of $0.13 per FT Unit for gross proceeds of $814,204.56. Each FT Unit consists of one flow-through common share and one-half of one share purchase warrant, with each whole warrant entitling the holder thereof to purchase one non-flow-through common share for a period of 3 years at a price of $0.20.Securities issued pursuant to the Offering include common shares, share purchase warrants and non-transferable finders' warrants issued as finders' fees, all of which carry a legend restricting trading of the securities until December 17, 2023.The proceeds received from the sale of the FT Units will be used for work programs on the Company's Silver Queen, Au-Ag, exploration property, in British Columbia. The Company paid finders' fees comprised of an aggregate $44,952.28 cash and 345,787 non-transferable warrants in connection with the Offering. The Offering and payment of finders' fees is subject to TSX Venture Exchange approval.About Silver Queen ProjectThe Silver Queen project is a premier gold-silver property with over 100 years of historical exploration and development and is located adjacent to power, roads and rail with significant mining infrastructure that was developed under previous operators Bradina JV (Bralorne Mines) and Houston Metals Corp. (a Hunt Brothers company). The property contains two historical declines into the No. 3 Vein, camp infrastructure, and a maintained Tailings Facility.The Silver Queen property consists of 45 mineral claims, 17 crown grants, and two surface crown grants totalling 18,852ha with no underlying royalties. Mineralization is hosted by a series of epithermal veins distributed over a 6 sq km area. On December 1, 2022 (NR-12-22), the Company reported an independently estimated, Mineral Resource Estimate (\"MRE\") for Silver Queen which increased an earlier MRE, initially reported on July 16th, 2019, by +187% in the Indicated category and by +30% in the Inferred category on a AgEq basis with approximate...