New Nadina Announces Name Change to Equity Metals Corporation and Private Placement
TSX VENTURE: EQTY
Vancouver, British Columbia--(Newsfile Corp. - September 10, 2019) - New Nadina Explorations Limited (TSXV: NNA) ("New Nadina" or the "Company") reported today that it will change its name to "Equity Metals Corporation" pursuant to a resolution passed by directors on August 23, 2019. Effective September 13th, 2019, the Company's shares will commence trading under the new name on the TSX Venture Exchange with a new symbol "EQTY". There is no consolidation of capital.
Chairman Lawrence Page, Q.C., states, "The recent reconstitution of the Board of Directors, change of the name of the Company to rebrand it and the initial equity raise, allow the Company to begin developing its precious metal and diamond properties. Preparations are underway with work programs at both properties being planned with specific reference to the Silver Queen gold, silver, zinc property."
The Company also announces that following the official name change to Equity Metals Corporation, it plans to issue up to 6,250,000 units in a non-brokered private placement at a price of $0.08 per unit to raise $500,000. Each unit will consist of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of three years at an exercise price of $0.12 per share.
The Company will make a provision for an over-allotment option (Greenshoe) to allow a purchase of up to 10% additional units beyond the number of units in this offering. Finders' fees and commissions may be paid by the Company in relation to the units sold in this offering.
Net proceeds from the private placement will be used to defray corporate expenses and to fund proposed work programs at the Silver Queen and Monument properties.
On behalf of the Board of Directors
"Lawrence P. Page"
Lawrence P. Page, Q.C.
Chairman, Director, New Nadina Explorations Limited
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. 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. Factors that could cause actual results to differ materially from those in forward looking statements include the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. New Nadina Explorations Ltd. 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.