Emerita Resources Corp. (TSX-V: EMO) is pleased to announce that it intends to complete a non brokered private placement for gross proceeds of $3,000,000 through the issuance of up to 13,636,363 of units of the Company to be priced at $0.22 per Unit. Mr. Eric Sprott has indicated his intention to subscribe for the entire Offering.

Each Unit will be comprised of one common share of the Company and one-half of one Common Share purchase warrant. Each Warrant shall be exercisable to acquire one Common Share at a price of $0.30 per Warrant Share for a period of 24 months from the closing of the Offering. Any unexercised Warrants shall automatically expire at the end of the Exercise Period.

The Offering is scheduled to close on or about February 19, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Exchange. The Units to be issued under the Offering will have a hold period of four months and one day from Closing.

David Gower, P.Geo., CEO of Emerita commented, “We are very gratified to welcome a strategic investment from such a strong and knowledgeable partner as Mr. Sprott. This support will be invaluable as we move forward in the development of our strong Spanish projects.”

About Emerita Resources Corp.

Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in Europe, with a primary focus on exploring in Spain. The Company’s corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.