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Emerita Resources Closes First Tranche of Upsized Private Placement Financing

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Emerita Resources Closes First Tranche of Upsized Private Placement Financing

 

 

 

 

 

Emerita Resources Corp. (TSX-V: EMO) has closed the first tranche of its previously announced private placement of common shares.  The Company issued 20,750,000 common shares pursuant to the First Tranche at a price of $0.10 per Share for aggregate gross proceeds of $2,075,000. 

 

The proceeds of the Offering are expected to be used to finance exploration activities at the Company’s Plaza Norte Project in Spain, repayment of the Company’s existing debt and for general corporate purposes.

 

Industrial Alliance Securities Inc. acted as sole bookrunner and agent and offered the Shares for sale on a “best efforts” private placement basis. As consideration for its services provided in connection with the First Tranche, the Company has (i) paid the Agent a cash commission of $133,755, and (ii) issued the Agent 1,337,550 broker options.  Each Broker Option is exercisable at a price of $0.10 per Broker Option into one Share for a period of 24 months following the date of issuance.

 

The Company is also pleased to announce that it has upsized the Offering to a maximum of 35,000,000 Shares for gross proceeds of up to $3,500,000.  The Company intends to complete the second tranche of the Offering on or before June 14, 2019.  The Offering is subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

 

All of the securities issued by the Company pursuant to the First Tranche will be subject to a four month statutory hold period which expires on September 24, 2019.

 

David Gower, the Company’s CEO, has subscribed for Shares pursuant to the First Tranche.  The Insider Participation will be considered to be a “related party transaction” as defined under Multilateral Instrument 61-101. The Insider Participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

 

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.

 

Posted May 23, 2019

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