Emerita Resources Corp. (TSX – V: EMO) (OTC: EMOTF) announces that Mr. Eric Sprott has exercised all of his outstanding Emerita common share purchase warrants for total proceeds to the Company of $2,045,454.
David Gower, Emerita’s CEO, stated: “Emerita is fortunate to have the support of Mr. Eric Sprott as our largest shareholder. It is important to our business to have stable, long term support from such a highly experienced and successful investor. Mr. Sprott’s ongoing support strengthens the Company’s ability to accelerate the development of its projects in Spain.”
Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, exercised a total of 6,818,181 Warrants at an exercise price of $0.30 per common share.
Following the completion of the exercise of his Warrants, Mr. Sprott beneficially owns and controls 20,454,544 Shares, representing approximately 10.7% of the issued and outstanding Shares on a non-diluted basis. Prior to the Warrants exercise, Mr. Sprott beneficially owned and controlled 13,636,363 Shares and 6,818,181 Warrants, representing approximately 7.4% of the issued and outstanding Shares of the Company on a non-diluted basis, and 10.7% on a partially diluted basis.
The Shares were acquired by Mr. Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company including on the open market or through private acquisitions or sell securities of the Company including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other factors that Mr. Sprott considers relevant from time to time.
A copy of the early warning report with respect to the foregoing will appear on the Company’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and may also be obtained by calling Mr. Sprott’s office at (416) 945-3294 (2176423 Ontario Ltd., 200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).
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.
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We acknowledge the [financial] support of the Government of Canada.