by Greg Klein | August 18, 2015
With a summer program already underway, Equitas Resources TSXV:EQT announced a $1.8-million private placement on August 18 for the company’s Garland nickel-copper-cobalt project in Labrador and for general working capital.
Garland’s Phase II exploration began early this month with an agenda that includes mapping and prospecting, up to 30 line-kilometres of large loop UTEM 3 surveys and up to 4,000 metres of drilling. The program follows this year’s VTEM Plus airborne surveys that identified nine areas of anomalous conductivity prospective for Voisey’s Bay-style mineralization. Most of the targets lie at the very limit of, or significantly beyond depths reached by historic geophysics.
Located 30 kilometres south of Voisey’s, the recently assembled 20,075-hectare property now undergoes modern exploration techniques for the first time.
The private placement consists of up to 3.15 million units at $0.095 for gross proceeds up to $300,000, as well as up to 15 million flow-through units at $0.10 for gross proceeds up to $1.5 million.
Each unit consists of a share and a warrant to purchase an additional share at $0.20 for 12 months. Each flow-through unit consists of a share and one half-warrant, with each whole warrant exercisable for an additional share at $0.20 for 12 months.