Emerita Resources Announces Closing of $8 Million Private Placement Offering
13 Juni 2023 - 3:12PM
Emerita Resources Corp. (“
Emerita” or the
“
Company”) (TSX-V:EMO) is pleased to announce that
it has closed its previously announced private placement offering
of units of the Company (the “
Units”) pursuant to
which the Company issued 20,000,000 Units at a price of $0.40 per
Unit (the “
Offering Price”) for aggregate gross
proceeds of $8,000,000 (the “
Offering”). Each Unit
is comprised of one common share in the capital of the Company
(each, a “
Common Share”) and one-half of one
Common Share purchase warrant (each whole warrant, a
“
Warrant”). Each Warrant will entitle the holder
to purchase one Common Share at an exercise price of $0.60 per
Common Share for a period of 36 months following the date hereof
(the “
Closing Date”). The Offering was led by
Clarus Securities Inc., as lead agent, on behalf of a syndicate of
agents (collectively, the “
Agents”) that included
Canaccord Genuity Corp., Desjardins Securities Inc., Stifel
Nicolaus Canada Inc., and iA Private Wealth Inc.
The Company plans to use the net proceeds of the
Offering to continue the exploration and development work on its
Spanish base metals properties as well as general corporate working
capital purposes.
In connection with the Offering, the Agents
received an aggregate cash fee equal to 7.0% of the gross proceeds
from the Offering. In addition, the Company issued to the Agents
1,400,000 non-transferable broker warrants (the “Broker
Warrants”). Each Broker Warrant will entitle the holder
thereof to purchase one Common Share at an exercise price equal to
the Offering Price for a period of 36 months following the Closing
Date.
The Common Shares and Warrants issued pursuant
to the Offering will not be subject to a statutory hold period
pursuant to applicable Canadian securities laws as the Offering was
completed pursuant to the listed issuer financing exemption under
Part 5A of NI 45-106. The Offering remains subject to final
approval of the TSX Venture Exchange.
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.
For further information, contact:
Ian Parkinson+1 647 910-2500
(Toronto)info@emeritaresources.comwww.emeritaresources.com
Cautionary Note Regarding
Forward-looking Information
This press release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, without
limitation, statements regarding the Offering and the completion
thereof; the Company’s intended use of proceeds from the Offering
and the Company’s future plans. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as “plans”, “expects” or “does not expect”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates” or “does not anticipate”, or “believes”,
or variations of such words and phrases or state that certain
actions, events or results “may”, “could”, “would”, “might” or
“will be taken”, “occur” or “be achieved”. Forward- looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of Emerita, as the case may
be, to be materially different from those expressed or implied by
such forward-looking information, including but not limited to:
general business, economic, competitive, geopolitical and social
uncertainties; the actual results of current exploration
activities; risks associated with operation in foreign
jurisdictions; ability to successfully integrate the purchased
properties; foreign operations risks; and other risks inherent in
the mining industry. Although Emerita has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. Emerita does not undertake
to update any forward-looking information, except in accordance
with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
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