Equity Metals Corporation (TSX-V:EQTY, OTCQB:EQMEF) said it is increasing its previously-announced, non-brokered private placement and is now issuing up to a total of 6,263,112 flow-through (FT) company units, at a price of $0.13 per FT unit, for gross proceeds of C$814,204.56.
The gold and silver explorer said the proceeds from the offering will be used on the initial delineation of two new targets located to the northeast of, and not included in, the earlier 2022 updated Mineral Resource estimate on its Silver Queen gold-silver project in British Columbia.
Equity Metals noted the additional funds allow for drilling to continue well into summer on the Cole and George Lake veins systems, which have been partially tested by historical drilling.
Each FT unit will be comprised of one flow-through common share plus one-half of one non-flow-through warrant, with each whole warrant entitling the holder to purchase one non-flow-through common share for a period of three years at a price of $0.20.
The company added that it may pay finders' fees comprised of cash and non-transferable warrants in connection with the offering.
All securities issued and sold will be subject to a hold period expiring four months and one day from closing.
Equity Metals is focused on creating shareholder value through fast-tracking exploration of the company’s flagship 100%-owned Silver Queen gold-silver property in British Columbia.
Contact Sean at sean@proactiveinvestors.com