Emerita Resources Announces Non-Brokered Private Placement
April 18 2024 - 7:00AM
Emerita Resources Corp. (TSX-V: EMO) (the
“
Company” or “
Emerita”) announces
it has entered into binding subscription agreements with four
investors with respect to a non-brokered private placement
financing of 12,500,000 Units at $0.40 per Unit for gross proceeds
of $5,000,000 (the “
Offering”). The Company
believes the investors are long-term investors and are supportive
of the Company’s strategy to continue to build value through the
development of the Iberian Belt West Project and other projects in
its portfolio in the Iberian Pyrite Belt.
Each Unit will be comprised of one common share
in the capital of the Company (each a “Common
Share”) and one Common Share purchase warrant (each 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. Securities issued under the Offering are expected to
carry a hold period of 4 months and one day from the date of issue
as may be required under applicable securities laws.
The Company plans to use the aggregate net
proceeds of the Offering to continue the exploration and
development work on its Spanish mineral properties as well as
general corporate working capital purposes.
The Offering is scheduled to close on or about
April 25, 2024 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”). No finder fees were paid by the Company
in connection with the Offering and the Company does not intend to
increase the size of the Offering.
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.
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 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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