Emerita Resources Announces Increase to Private Placement
28 May 2020 - 9:00PM
Emerita Resources Corp. (TSX-V: EMO) (the
“Company” or “Emerita”) announces that due to response from
investors, it has increased its non-brokered private placement
financing to $1,350,000 from its initially targeted $1,000,000
financing announced on May 14, 2020. The increased financing
will be completed through the issuance of up to 27,000,000 units of
Emerita (the “Units”) at a price of $0.05 per Unit (the
“Offering”).
Each Unit shall be comprised of one common share
of Emerita (each a “Common Share”) and one-half of one common share
purchase warrant (each whole warrant, a “Warrant”). Each Warrant
shall entitle the holder to acquire one Common Share at a price of
$0.15 for a period of 24 months following the closing date of the
Offering, subject to an acceleration provision whereby in the event
that at any time after the expiry of the statutory hold period, the
Common Shares trade at $0.25 or higher on the TSX Venture Exchange
for a period of 20 consecutive days, the Company shall have the
right to accelerate the expiry date of the Warrants to the date
that is 30 days after the Company issues a news release announcing
that it has elected to exercise the acceleration right.
The proceeds of the Offering are expected to be
used to finance exploration activities at the Company’s properties
in Spain and for general corporate purposes.
The closing date of the Offering is expected to
occur on or about June 15, 2020. All securities issued by Emerita
will be subject to a hold period of four months and one day.
Emerita has agreed to pay a finder’s fee of 8% of the gross
proceeds, payable in cash, and finder’s warrants equal to 8% of the
Units sold by qualified finders. Each finder’s unit shall be
exercisable to acquire one common share of the Company at an
exercise price of $0.10 per share, for a period of 24 months from
the closing date of the Offering. Completion of the Offering
is subject to customary closing conditions, including TSX Venture
Exchange approval.
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 Merino+34 (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 timing of the Offering, the
Company’s ability to acquire the Aznalcollar and Paymogo project,
the closing of the Offering, the 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.
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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