Equity Metals Corporation (TSX-V:EQTY, OTCQB:EQMEF) said it is boosting its previously-announced, non-brokered private placement to $2 million.
The company is now offering a total of 16,928,572 units, comprised of three types of shares.
One portion consists of 8 million non-flow-through units to be sold at a price of $0.10 for gross proceeds of $800,000; while another includes 4,166,667 flow-through (FT) units sold at a price of $0.12 per FT Unit for gross proceeds of $500,000.
READ: Equity Metals proposes non-brokered private placement to raise total gross proceeds of up to $1.7M
The remainder will consist of 4,761,905 charitable flow-through units to be sold at a price of $0.147 for gross proceeds of $700,000.
Equity Metals said it will make provision for an over-allotment option to raise up to an additional 10% of the gross proceeds in this offering, potentially boosting it to $2.2 million.
Proceeds from the sale of the flow through units and charitable flow through units will be used for work programs on the company's Silver Queen gold-silver exploration property in British Columbia, and proceeds from the sale of the non-flow through units will be used for general working capital.
The firm recently released an updated resource estimate for Silver Queen, boosting the indicated resource by 187%.
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