by Greg Klein | September 18, 2015
Equitas Resources’ (TSXV:EQT) Garland nickel project in Labrador received another $967,660 in the second and final tranche of a private placement totalling $2 million, the company announced September 18.
Combined, both tranches comprised 3.16 million units and 17.03 million flow-through units. Each unit consists of one share and one warrant. Each flow-through unit consists of one share and one-half warrant, with every whole warrant exercisable for a share at $0.20 for 12 months.
Warrants exercised over the last month brought Equitas another $197,000.
The funding comes as exploration continues on Garland, a recently compiled property 30 kilometres south of Voisey’s Bay that underwent modern exploration for the first time with last year’s VTEM Plus airborne surveys. That program found nine areas of anomalous conductivity prospective for Voisey’s-style mineralization, most of them at the limit of, or well beyond depths reached by historic geophysics.
Now underway, Phase II calls for up to 30 line-kilometres of large loop UTEM 3 surveys and up to 4,000 metres of drilling.