Emerita Announces $3 Million Strategic Private Placement by Eric Sprott
February 10 2021 - 3:12PM
Emerita Resources Corp. (“
Emerita” or the
“
Company”) (TSXV: EMO) is pleased to announce that
it intends to complete a non brokered private placement for gross
proceeds of $3,000,000 through the issuance of up to 13,636,363 of
units of the Company (the “
Units”) to be priced at
$0.22 per Unit (the “Offering”). Mr. Eric Sprott has indicated his
intention to subscribe for the entire Offering.
Each Unit will be comprised of one common share
of the Company (a “Common Share”) and one-half of
one Common Share purchase warrant (each whole warrant, a
“Warrant”). Each Warrant shall be exercisable to
acquire one Common Share (a “Warrant Share”) at a
price of $0.30 per Warrant Share for a period of 24 months from the
closing of the Offering. Any unexercised Warrants shall
automatically expire at the end of the Exercise Period.
The Offering is scheduled to close on or about
February 19, 2021 (the “Closing”) and is subject
to certain conditions including, but not limited to, the receipt of
all necessary approvals including the approval of the Exchange. The
Units to be issued under the Offering will have a hold period of
four months and one day from Closing.
David Gower, P.Geo., CEO of Emerita commented,
“We are very gratified to welcome a strategic investment from such
a strong and knowledgeable partner as Mr. Sprott. This support will
be invaluable as we move forward in the development of our strong
Spanish projects.”
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:
Helia Bento+1 (416) 566-8179 (Toronto)
Joaquin Merino34 (628) 1754 66 (Spain)
info@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, the use of proceeds
of the Offering, the expected drill program at the Iberian Belt
West Project, the prospectivity of Iberian Belt West Project 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.
This news release does not constitute an
offer to sell or a solicitation of an offer to buy any of the
securities in the United States. The securities have not been and
will not be registered under the United States Securities Act of
1933, as amended (the “U.S. Securities Act”) or any state
securities laws and may not be offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
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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