EMERITA RESOURCES ANNOUNCES $3,000,000 PRIVATE PLACEMENT
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Toronto, Ontario, November 17, 2017 – Emerita Resources Corp. (TSX-V: EMO) (the “Company” or “Emerita”) has entered into a letter of engagement with Mackie Research Capital Corporation (“Mackie”), acting as sole bookrunner and sole agent, under which Mackie has agreed to offer for sale units of the Company (the “Units”), on a “best efforts” private placement basis, subject to all required regulatory approvals, at a price per Unit of $0.10 (the “Issue Price”) for total gross proceeds of up to approximately $3,000,000 (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 $0.20 for a period of 24 months following the closing date of the Offering.
The proceeds of the Offering will be used to close the acquisition of the Salobro zinc project in Brazil, to commence the exploration programs on the Salobro zinc project and the Plaza Norte zinc project in the Riocin mining camp in Cantabria, northern Spain and for general corporate purposes.
As consideration for their services provided in connection with the Offering, the Company has agreed to (i) pay Mackie a cash commission equal to 6.5% of the gross proceeds from certain subscribers to the Offering, and (ii) issue to Mackie such number of broker options (the “Broker Options”) equal to 6.5% of the number of Units placed by Mackie to certain subscribers. Each Broker Option will be exercisable at a price of $0.10 per Broker Option into one Common Share and one-half of one Warrant (each whole broker warrant, a “Broker Warrant”) for a period of 24 months following the closing date of the Offering. Each whole Broker Warrant shall entitle the holder to acquire one additional Common Share at a price of $0.20 for a period of 24 months following the closing date of the Offering.
The closing date of the Offering is expected to occur on or about December 12, 2017. All securities issued by Emerita will be subject to a hold period of four months and one day. 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:
+1 416 309 4293 (Toronto)
+34 (628) 1754 66 (Spain)