Emerita Resources Corp. (TSX-V: EMO) is pleased to announce that it has closed its previously announced private placement of units of the Company pursuant to which the Company issued 36,964,285 Units at a price of $0.14 per Unit for aggregate gross proceeds of $5,175,000, including the full exercise of the over-allotment option. The Offering was led by Mackie Research Capital Corporation, as co-lead agent and sole bookrunner, along with Clarus Securities Inc. as co-lead agent, and including Industrial Alliance Securities Inc.

Each Unit is comprised of one common share of the Company and one-half of one Common Share purchase warrant. Each Warrant is exercisable to acquire one Common Share at a price of $0.16 per Warrant Share for a period of 24 months from the closing of the Offering, subject to acceleration as described below.

Provided that if, at any time prior to the expiry date of the Warrants, the closing price of the Common Shares on the TSX Venture Exchange, or other principal exchange on which the Common Shares are listed, is greater than $0.25 for 20 consecutive trading days, the Company may, within 15 days of the occurrence of such event, deliver a notice to the holders of Warrants accelerating the expiry date of the Warrants to the date that is 30 days following the date of such notice. Any unexercised Warrants shall automatically expire at the end of the Accelerated Exercise Period.

The Company intends to use the net proceeds from the Offering to diamond drill its Iberian Belt West Project in Spain and for working capital and general corporate purposes.

In connection with the Offering, the Agents received an aggregate cash fee equal to 8.0% of the gross proceeds from the Offering. In addition, the Company issued to the Agents 2,957,142 non-transferable compensation options. Each Compensation Option will entitle the holder thereof to purchase one Common Share at an exercise price equal to $0.16 for a period of 24 months following the closing of the Offering.

The securities issued pursuant to the Offering will be subject to a four-month and one day hold period under applicable securities laws in Canada.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

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.