VANCOUVER, Feb. 18, 2015/ CNW/ – Equitas Resources Corp. (TSXv: EQT) (FSE: T6UN) (Equitas or the Business) reveals, based on TSX Endeavor Exchange (Exchange) acceptance, a revision to the prices of a non-brokered private placement and a shares for financial obligation contract that was previously announced on February 6, 2015, and in accordance with Exchange policies, these arrangements will now be priced at $0.06 per typical share and not at $0.05.
The recommended non-brokered private placement will certainly consist of up to 5,693,333 units (Units) at a rate of $0.06 per Unit for gross earnings of as much as $341,600. Each Device to be made up of one common share and one Warrant exercisable into one common share of the Business for a period of 24 months from closing at a rate of $0.10 per common share.
All the securities issuable will certainly be subject to a four-month hold duration from the date of closing. The private positioning goes through the approval of the TSX Venture Exchange.
The proceeds of the personal positioning will be used to advance the Companys expedition activities at the Garland Building in Labrador, Canada, and for basic working capital.
In addition, subject to Exchange acceptance, the Business has gotten in into a debt settlement agreement dated January 30, 2015 (the Debt Settlement Agreement) with Ridge Resources Ltd. (Ridge) a business regulated by Kyler Hardy, President and Director of Equitas.
Ridge got in into an Amendment to the Assignment of Debt Arrangement dated February 17, 2015 with Zimtu Capital Corp. a relevant Company, where Ridge purchased $100,000 of the existing financial obligation for $50,000. The Company wants to snuff out the assigned financial obligation by the issuance of 833,333 common shares at a deemed value of $0.06 per typical share (formerly revealed at $0.05), based upon quantity paid by Ridge to get the debt, as opposed to the concept quantity of the financial obligation. The shares will undergo a 4 month hold period.
The Business is counting on exemptions from the prospectus requirements found in area 2.14 of National Instrument 45-106 and suitable securities laws to release the shares to Zimtu. The common shares issued to Ridge will go through a 4 month hold duration.
The Business has approved the issuance of 1,775,000 incentive stock choices of which 1,250,000 have actually been assigned to Directors and Officers. The alternatives are exercisable at $0.10 per common share for a duration of 5 years from the issuance.
On Behalf of the Board of Directors,
EQUITAS RESOURCES CORP.
. Kyler Hardy
Neither TSX Endeavor Exchange nor its Policy Services Service provider (as that term is identified in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or precision of this release.
It is essentialis essential to keep in mind that real outcomes and the Companys actual results might vary materially from those in such positive statements. Threats and unpredictabilities consist of economic, competitive, governmental, ecological and technological elements that might influence the Companys operations, markets, items and rates. Aspects that might cause actual outcomesresult in differ materially might include misinterpretation of data; that we might not have the ability to get devices or labour as we need it; that we might not be able to raise adequate funds to finish our designated expedition and development; that our applications to drill may be rejected; that weather condition, logistical issues or risks may avoid us from expedition; that devices might not work in addition to expected; that analysis of information might not be possible properly and at depth; that outcomes which we or others have actually discovered in any certain location are not necessarily indicative of larger locations of our properties; that we may not finish ecological programs in a prompt manner or at all; that market prices for nickel may not justify commercial production expenses; which regardless of encouraging information there might be no commercially exploitable mineralization on our apartments.
Readers should describe the threat disclosures laid out in the Companys Management Discussion amp; Analysis of its audited financial statements submitted with the British Columbia Securities Commission.
SOURCE Equitas Resources Corp.
. For more details: Kyler Hardy, President, Tel: 604.681.1568