01:03 PM EDT, 06/20/2024 (MT Newswires) -- Equity Metals Corporation ( EQMEF ) on Thursday said it closed a private placement of flow-through shares units, raising $4.06 million.

The company placed a today 13.76-million charity/premium flow-through units priced at $0.295 each.

Each unit consists of a tax-advantaged share and one half of a three-year warrant to buy a common share for $0.295.

"Proceeds will be used for the initial delineation of two new target areas to the northeast of the area that was defined in the 2022 updated Mineral Resource estimate on the Silver Queen project in British Columbia," the company said.

The company's shares were last seen up $0.01 to $0.22 on the TSX Venture Exchange.

Price: 0.22, Change: +0.01, Percent Change: +4.76