Business
Equity Metals Closes First Tranche of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - November 15, 2021) - Equity Metals Corporation...
About this update from Equity Metals Corporation
[{"type":"text","content":"Equity Metals Closes First Tranche of Private PlacementVancouver, British Columbia--(Newsfile Corp. - November 15, 2021) - Equity Metals Corporation (TSXV:EQTY) (the \"Company\" or \"Equity Metals\") reports today that it has closed the first tranche of the previously reported $6,000,000 non-brokered private placement by issuing 2,800,000 non-flow through units (\"NFT units\") at a price of $0.14 per unit for gross proceeds of $392,000 and by issuing 7,903,667 flow-through units (\"FT units\") at a price of $0.15 per unit for gross proceeds of $1,185,549.95. Each NFT Unit will be comprised of one non-flow-through common share and one-half (0.5) of one warrant. Each FT Unit will be comprised of one flow-through common share and one-half (0.5) of one non-flow through warrant. The warrants for all units will be the same with each whole warrant entitling the holder thereof to purchase one non-flow-through common share for a period of 2 years at a price of $0.20.Securities issued pursuant to this tranche of the private placement include common shares, share purchase warrants and finder's warrants issued as finder's fees, all of which carry a legend restricting trading of the securities until March 13, 2022. The gross 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 net proceeds received from the sale of the NFT Units will be used for general working capital.The Company may pay finders' fees comprised of cash and non-transferable warrants in connection with the Offering, subject to compliance with the policies of the TSX Venture Exchange. 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.This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the \"1933 Act\") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registrat...