An anonymous director reports

EMERITA RESOURCES ANNOUNCES CLOSING OF $8 MILLION PRIVATE PLACEMENT OFFERING

Emerita Resources Corp. has closed its previously announced private placement offering of units of the company, pursuant to which the company issued 20 million units at a price of 40 cents per unit for aggregate gross proceeds of $8-million. Each unit comprises one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at an exercise price of 60 cents for a period of 36 months following the date hereof. The offering was led by Clarus Securities Inc., as lead agent, on behalf of a syndicate of 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 exploration and development work on its Spanish base metals properties as well as for general corporate working capital purposes.

In connection with the offering, the agents received an aggregate cash fee equal to 7 per cent of the gross proceeds from the offering. In addition, the company issued to the agents 1.4 million non-transferable brokers' warrants. Each broker's 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 National Instrument 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.

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