15:15:42 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Emerita Resources Corp (2)
Symbol EMO
Shares Issued 50,614,165
Close 2019-07-11 C$ 0.08
Market Cap C$ 4,049,133
Recent Sedar Documents

Emerita closes $144,500 final tranche of financing

2019-07-12 14:04 ET - News Release

Ms. Helia Bento reports

EMERITA RESOURCES CLOSES FINAL TRANCHE OF PRIVATE PLACEMENT FINANCING

Emerita Resources Corp. has closed the second and final tranche of its previously announced private placement of common shares (see news release dated May 23, 2019). The company issued 1,445,000 common shares pursuant to the second tranche at a price of 10 cents per share for aggregate gross proceeds of $144,500.

The proceeds of the offering will be used: to finance exploration activities at the company's Plaza Norte project in Spain; for 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 second tranche, the company has: (i) paid the agent a cash commission of $10,635; and (ii) issued the agent 106,350 broker options. Each broker option is exercisable at a price of 10 cents per broker option into one share for a period of 24 months following the date of issuance.

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 second tranche will be subject to a four-month statutory hold period, which expires on Nov. 13, 2019.

A director of the company has subscribed for shares pursuant to the second 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.

We seek Safe Harbor.

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