Emerita Resources Corp. Announces $8,000,000 Private Placement
June 02 2023 - 6:50AM
Emerita Resources Corp. (TSXV: EMO) (the “
Company”
or “Emerita”) is pleased to announce that it has entered into an
agreement with Clarus Securities Inc. as lead agent on behalf of a
syndicate of agents (collectively, the “
Agents”),
whereby the Agent will raise up to $8,000,000 through an offering
of up to 20,000,000 units of the Company (the
“
Units”) to be priced at C$0.40 per Unit (the
“
Offering”). Each Unit is comprised of one common
share in the capital of the Company (“
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 completion of the Offering.
The Company plans to use the net proceeds of the
Offering to continue the exploration and development work on its
Spanish base metal properties as well as general corporate working
capital purposes.
The Offering is scheduled to close on or about
June 13, 2023, and is subject to certain conditions including,
but not limited to, the receipt of all necessary approvals
including the approval of the TSX Venture Exchange
(“TSXV”). Subject to compliance with applicable
regulatory requirements and in accordance with National Instrument
45-106 – Prospectus Exemptions (“NI 45-106”), the
Units will be offered for sale to purchasers resident in Canada,
except Quebec, and/or other qualifying jurisdictions pursuant to
the listed issuer financing exemption under Part 5A of NI 45-106
(the “Listed Issuer Financing Exemption”). Because
the Offering is being completed pursuant to the Listed Issuer
Financing Exemption, the securities issued in the Offering will not
be subject to a statutory hold period pursuant to applicable
Canadian securities laws.
The securities being offered have not, nor will
they be registered under the United States Securities Act of 1933,
as amended, and may not be offered or sold within the United States
or to, or for the account or benefit of, U.S. persons absent U.S.
registration or an applicable exemption from the U.S. registration
requirements. This release does not constitute an offer for sale of
securities in the United States.
There is an offering document related to the
Offering that can be accessed under the Company's profile at
www.sedar.com and on the Company's website at
www.emeritaresources.com. Prospective investors should read this
offering document before making an investment decision.
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;
the approval of the Offering by the TSXV; 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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