Equity Metals Announces Increase to Previously Announced Non-Brokered Private Placement; to Extend Closing
Equity Metals Announces Increase to
Previously Announced Non-Brokered Private
Placement; to Extend Closing
Vancouver, British Columbia--(Newsfile Corp. - June 6, 2024) -
Equity Metals Corporation
(TSXV:
EQTY) (FSE: EGSD) (OTCQB: EQMEF) (the "Company" or "Equity Metals") reports that, subject to TSX
Venture Exchange approval, it will extend the closing date of its previously announced private placement
by 30 days from the date of this news release and will increase the previously announced non-brokered
private placement of securities. The Company is now issuing a total of 13,760,000 Charity/Premium
flow-through units (the "FT Units ") at a price of $0.295 per FT Unit for gross proceeds of $4,059,200
(the "Offering"). Each FT Unit will be comprised of one flow-through common share and one-half of one
non-flow-through warrant. Each whole warrant entitles the holder thereof to purchase one non-flow-
through common share for a period of 3 years at a price of $0.295.
The proceeds received from the sale of the FT Units will be focused on the initial delineation of two new
target areas located to the northeast of, and not included in, the 2022 updated Mineral Resource
estimate on the Silver Queen, gold/silver project in British Columbia. A +6,000metre drill program is
currently underway and these additional funds allow for drilling to continue well into summer on the Cole
and George Lake veins systems (Figure 1), which have been partially tested by historical and Equity
drilling. In the current program, five core holes have been completed on the George Lake Target, with
assays pending and anticipated over the coming weeks. A portion of the funds will be used to further
advance new targets that are being developed to the drill stage elsewhere in the property.
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. All securities issued
and sold under the Offering will be subject to a hold period expiring four months and one day from
closing. 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
registration is available.
Figure 1: Plan Map of targets on the Silver Queen vein system, BC
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5566/211816_ab8bdce0d4a9ab6d_002full.jpg
About Silver Queen Project
The Silver Queen Project is a premier gold-silver property with over 100 years of historic 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 an historic decline into the No. 3 Vein, the George Lake
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. An updated NI43-101 Mineral Resource Estimate with effective date
December 1
st
, 2022 was detailed in a News Release issued on Jan 16, 2023, which can be found by
clicking
here
and the full Technical Report can be found on SEDAR and the Company's website.
More than 20 different veins have been identified on the property, forming an extensive network of zoned
Cretaceous- to Tertiary-age epithermal veins. The property remains largely under explored.
About Equity Metals Corporation
Equity Metals Corporation is a Malaspina-Manex Group Company. The Company owns 100% interest,
with no underlying royalty, in the
Silver Queen project,
located along the Skeena Arch in the Omineca
Mining Division, British Columbia. The property hosts high-grade, precious- and base-metal veins
related to a buried porphyry system, which has been only partially delineated. The Company also has a
controlling JV interest (57.49%) in the
Monument Diamond project
,
NWT
, strategically located in the
Lac De Gras district within 40 km of both the Ekati and Diavik diamond mines.
The Company also has
royalty and working interests in other Canadian properties, which are being evaluated further to
determine their value to the Company.
Robert Macdonald, MSc. P.Geo, is VP Exploration of Equity Metals Corporation and a Qualified Person
as defined by National Instrument 43-101. He is responsible for the supervision of the exploration on the
Silver Queen project and for the preparation of the technical information in this disclosure.
On behalf of the Board of Directors
"Joseph Anthony Kizis, Jr."
Joseph Anthony Kizis, Jr., P.Geo
President, Director, Equity Metals Corporation
For further information, visit the website at
https://www.equitymetalscorporation.com
; or contact us at
604.641.2759 or by email at
.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
This news release may contain forward-looking statements including, but not limited to comments
regarding the timing and content of upcoming work programs, geological interpretations, receipt of
property titles, potential mineral recovery processes, etc. Forward-looking statements address future
events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statements. These statements are based on a
number of assumptions, including, but not limited to, assumptions regarding the amount of the
Offering and completion of the Offering, general economic conditions, interest rates, commodity
markets, regulatory and governmental approvals for the company's projects, and the availability of
financing for the company's development projects on reasonable terms. Factors that could cause
actual results to differ materially from those in forward-looking statements include market prices,
exploitation and exploration successes, the timing and receipt of government and regulatory
approvals, and continued availability of capital and financing and general economic, market or
business conditions. Equity Metals Corporation does not assume any obligation to update or revise
its forward-looking statements, whether as a result of new information, future events or otherwise,
except to the extent required by applicable law.
This news release is not intended for distribution to United States newswire services or
dissemination in the United States.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/211816