Emerita Resources Announces Closing of $8 Million Private Placement Offering

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TORONTO, June 13, 2023 (GLOBE NEWSWIRE) -- Emerita Resources Corp. (“Emerita” or the “Company”) (TSX-V:EMO) is pleased to announce that it has closed its previously announced private placement offering of units of the Company (the “Units”) pursuant to which the Company issued 20,000,000 Units at a price of $0.40 per Unit (the “Offering Price”) for aggregate gross proceeds of $8,000,000 (the “Offering”). Each Unit is comprised of one common share in the capital of the Company (each, a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, 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 date hereof (the “Closing Date”). The Offering was led by Clarus Securities Inc., as lead agent, on behalf of a syndicate of agents (collectively, the “Agents”) that included Canaccord Genuity Corp., Desjardins Securities Inc., Stifel Nicolaus Canada Inc., and iA Private Wealth Inc.

The Company plans to use the net proceeds of the Offering to continue the exploration and development work on its Spanish base metals properties as well as general corporate working capital purposes.

In connection with the Offering, the Agents received an aggregate cash fee equal to 7.0% of the gross proceeds from the Offering. In addition, the Company issued to the Agents 1,400,000 non-transferable broker warrants (the “Broker Warrants”). Each Broker Warrant will entitle the holder thereof to purchase one Common Share at an exercise price equal to the Offering Price for a period of 36 months following the Closing Date.

The Common Shares and Warrants issued pursuant to the Offering will not be subject to a statutory hold period pursuant to applicable Canadian securities laws as the Offering was completed pursuant to the listed issuer financing exemption under Part 5A of NI 45-106. The Offering remains subject to final approval of the TSX Venture Exchange.

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.