Vancouver, British Columbia--(Newsfile Corp. - June 20, 2024) - Equity Metals Corporation (TSXV: EQTY) (FSE: EGSD) (OTCQB: EQMEF) (the "Company" or "Equity Metals") reported today that it has closed its previously announced Premium/Charity flow-through private placement (the "Offering") by issuing a total of 13,760,000 Charity/Premium flow-through units ("FT Units") at $0.295 per FT Unit, for gross proceeds of $4,059,200.
Each FT Unit consists of one flow-through common share and one-half (1/2) of one share purchase warrant, with each whole warrant entitling the holder thereof to purchase one non-flow-through common share for a period of 3 years at a price of $0.295.
The Company paid finders' fees totalling $83,220 and issued an aggregate 414,600 non-transferable finder warrants in connection with the Offering. Each finder warrant is exercisable to purchase one common share for a period of 3 years at a price of $0.20. All securities issued and sold under the Offering are subject to a hold period expiring on October 20, 2024. The Offering and the payment of finders' fees is subject to TSX Venture Exchange acceptance.
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 will 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, eleven 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.
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
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 1st, 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
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 TSX Venture Exchange approval 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.
