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Emerita Resources Closes Fully-Subscribed Private Placement Financing

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Emerita Resources Closes Fully-Subscribed Private Placement Financing






Emerita Resources Corp. (TSX-V: EMO) has closed, on a fully-subscribed basis, its previously announced private placement of common shares (see news release dated July 10, 2020). The Company issued 7,142,847 units pursuant to the Offering at a price of $0.14 per Unit for aggregate gross proceeds of $1,000,000.


Each Unit is comprised of one common share of Emerita and one-half of one common share purchase warrant. Each Warrant entitles the holder to acquire one Common Share at a price of $0.15 for a period of 24 months from the date hereof, subject to an acceleration provision whereby in the event that at any time after the expiry of the statutory hold period, the Common Shares trade at $0.25 or higher on the TSX Venture Exchange for a period of 20 consecutive days, the Company shall have the right to accelerate the expiry date of the Warrants to the date that is 30 days after the Company issues a news release announcing that it has elected to exercise the acceleration right.


The proceeds of the Offering are expected to be used to finance exploration activities at the Company’s properties in Spain and for general corporate purposes.


In connection with the closing of the Offering, the Company paid finder’s fees of $22,800 in cash and issued 162,862 non-transferable finder’s warrants (“Finder’s Warrants”). Each Finder Warrant will entitle the holder thereof to purchase one Share at a price of $0.15 for a period of 24 months from the date hereof.


The Offering is subject to the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange.


All of the securities issued by the Company pursuant to the Offering subject to a four-month statutory hold period which expires on December 14, 2020.


Certain of the directors and officers of the Company have subscribed for Units pursuant to the Offering. 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 August 13, 2020

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