Emerita Resources closes $4.24M private placement

News Release

EMERITA CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT FINANCING

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Toronto, Ontario, December 20, 2017 – Emerita Resources Corp. (TSX-V: EMO) (the “Company” or “Emerita”) is pleased to announce the closing, on an oversubscribed basis, of its previously announced private placement financing (the “Offering”) comprised of 42,426,000 units (the “Units”) at a purchase price of $0.10 per Unit for gross proceeds of $4,242,600. The Offering was oversubscribed by $242,600.

Each Unit is 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 entitles 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 Plaza Norte zinc project in the Riocin mining camp in Cantabria, northern Spain, and the Salobro zinc project as well as for general corporate purposes.

Mackie Research Capital Corporation (“Mackie”) acted as sole bookrunner and agent and offered the Units for sale on a “best efforts” private placement basis. As consideration for their services provided in connection with the Offering, the Company has (i) paid Mackie a cash commission of $209,709.50, and (ii) issued to Mackie 2,097,095 broker options (the “Broker Options”). Each Broker Option is exercisable at a price of $0.10 per Broker Option into one Unit for a period of 24 months following the date hereof.

All of the securities issued by the Company pursuant to the Offering will be subject to a four month statutory hold period which expires on April 21, 2018.

Certain insiders of the Company have subscribed for Units pursuant to the Offering (the “Insider Participation”). The Insider Participation will be considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The Insider Participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

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
+1 416 309 4293 (Toronto)
Joaquin Merino
+34 (628) 1754 66 (Spain)
info@emeritaresources.com

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.