Equity Metals raises $4.6 million in flow-through private placement

Equity Metals Corporation (TSXV: EQTY) closed a non-brokered flow-through private placement, issuing 20 million charity/premium flow-through units at $0.23 each for gross proceeds of $4.6 million.

Each unit consists of one flow-through common share and half of one non-flow-through share purchase warrant. Each whole warrant allows the holder to purchase one non-flow-through common share for three years at $0.40.

The company will use proceeds for continued exploration and resource expansion at its Silver Queen gold-silver-zinc vein project and for surface work and drilling on the Arlington gold-silver property.

Equity Metals paid finders' fees totaling $79,264 and issued 495,400 non-transferable finder warrants in connection with the offering. Each finder warrant is exercisable to purchase one common share for three years at $0.40. All securities issued under the offering are subject to a hold period expiring April 18, 2026.

The company also completed its final option payment to earn 100% interest in the Arlington property in British Columbia's Boundary District. The vendor retained a 2% net smelter return royalty, with 1% purchasable by the company for $1 million.

The Silver Queen Project consists of 45 mineral claims, 17 crown grants, and two surface crown grants totaling 18,852 hectares with no underlying royalties. The property contains more than 20 identified veins forming an extensive network of epithermal veins distributed over 6 square kilometers.

The offering and finders' fees are subject to TSX Venture Exchange acceptance, according to the company's statement.

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