Emerita Resources Announces Upsizing of Private Placement

TORONTO, ONTARIO--(Marketwired - Dec. 13, 2017) -

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Emerita Resources Corp. (TSX VENTURE:EMO) (the "Company" or "Emerita") is pleased to announce that due to increased investor demand, the Company is increasing its previously announced private placement from total gross proceeds of up to $3 million to total gross proceeds of up to $4 million (the "Offering"). The Offering will now consist of up to 40,000,000 units of the Company ("Units") at a price of $0.10 per Unit.

Each Unit will 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.

Mackie Research Capital Corporation ("Mackie") is acting as sole bookrunner and sole agent and has agreed to offer the Units for sale on a "best efforts" private placement basis, subject to all required regulatory approvals.

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.