Equity Metals Raises $4.6 Million and Secures Full Ownership of Arlington Property

Equity Metals ( (TSE:EQTY) ) has issued an update.

Equity Metals Corporation has closed a non-brokered charity/premium flow-through private placement, raising $4.6 million through the issuance of 20 million flow-through units priced at $0.23, each comprising one flow-through share and half a non-flow-through warrant exercisable at $0.40 for three years. The company intends to use the proceeds to continue exploration and resource expansion at its flagship Silver Queen gold-silver-zinc vein project and to fund surface work and drilling on the Arlington gold-silver property, while also confirming it has completed the final option payment to secure a 100% ownership interest in the Arlington property, subject to a vendor royalty. The financing, which includes cash finders’ fees and finder warrants, strengthens Equity Metals’ exploration budget and consolidates its portfolio in British Columbia, potentially enhancing its long-term resource base and positioning within the regional precious metals exploration sector, pending customary TSX Venture Exchange acceptance.

The most recent analyst rating on (TSE:EQTY) stock is a Buy with a C$0.39 price target. To see the full list of analyst forecasts on Equity Metals stock, see the TSE:EQTY Stock Forecast page.

Spark’s Take on TSE:EQTY Stock

According to Spark, TipRanks’ AI Analyst, TSE:EQTY is a Neutral.

The overall stock score of 42 reflects significant financial challenges due to lack of revenue and increasing losses, which weigh heavily on the score. While technical indicators are neutral to bearish, valuation remains weak due to negative earnings. However, positive corporate events provide some optimism for future growth, slightly boosting the score.

To see Spark’s full report on TSE:EQTY stock, click here.

More about Equity Metals

Equity Metals Corporation is a Canadian mineral exploration company focused on high-grade precious and base metal projects in British Columbia and the Northwest Territories. Its principal asset is the 100%-owned Silver Queen gold-silver project in the Omineca Mining Division, a historic, infrastructure-rich vein system related to a buried porphyry system. The company also holds a controlling 57.49% joint-venture interest in the Monument Diamond project in the Lac de Gras district of the Northwest Territories and a 100% interest in the Arlington gold-silver-copper property in southern British Columbia.

Average Trading Volume: 1,024,517

Technical Sentiment Signal: Buy

Current Market Cap: C$70.18M

See more data about EQTY stock on TipRanks’ Stock Analysis page.