Emerita Announces Increase in C$25 Million Brokered Private Placement Funding
Emerita Resources Corp., a natural resource company based in Sevilla, Spain and Toronto, Canada, has announced an updated private placement to raise funds for its mineral properties in Spain. The company is planning a "best efforts" private placement of up to 23,809,500 Units at a price of $1.05 per Unit, aiming to raise gross proceeds of up to approximately C$25 million.
Each Unit consists of one common share and one-half of one common share purchase warrant. Each full warrant allows the holder to purchase an additional common share at an exercise price of $1.30 for a period of 24 months after the closing date, which is scheduled for on or about August 26, 2025.
The funds raised from this private placement will be used by Emerita Resources to continue exploration and development work on its Spanish mineral properties, as well as for general corporate and working capital purposes.
The net proceeds of the private placement will be used by Emerita Resources for exploration and development work on its Spanish mineral properties, as well as general corporate and working capital purposes. The securities issued in the private placement will not be subject to a statutory hold period pursuant to applicable Canadian securities laws.
However, it's important to note that the closing is subject to receipt of all necessary approvals, including from the TSX Venture Exchange. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Moreover, the press release warns readers not to place undue reliance on forward-looking information contained in the press release, as it is subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by such forward-looking information. The Offering mentioned in the press release is subject to certain conditions, including approval from the TSX Venture Exchange.
The press release does not guarantee that such information will be updated, except in accordance with applicable securities laws. The securities being offered are not registered under the United States Securities Act of 1933 and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons.
The amended offering document related to the private placement can be accessed on the Company's profile at www.sedarplus.ca and on the Company's website at www.emeritaresources.com. For further information about Emerita Resources, Ian Parkinson can be contacted at the provided phone number, email, and website.
The offering is completed under the Listed Issuer Financing Exemption, meaning the securities are not subject to a statutory hold period under Canadian securities laws. The press release was provided by GlobeNewswire via QuoteMedia.
[1] The Cautionary Note Regarding Forward-looking Information in the press release states that forward-looking information contained in the press release is subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by such forward-looking information.
[2] The private placement is scheduled to close on or about August 26, 2022, subject to certain conditions, including approval from the TSX Venture Exchange.
[3] The securities issued in the private placement will not be subject to a statutory hold period pursuant to applicable Canadian securities laws.
[4] Each Warrant entitles the holder to purchase one Common Share at an exercise price of $1.30 for 24 months following the completion of the Offering.
[5] The funds raised from this private placement will be used by Emerita Resources to continue exploration and development work on its Spanish mineral properties, as well as for general corporate and working capital purposes.
- Emerita Resources is planning to raise approximately C$25 million through a best efforts private placement, with the funds to be used for continuing exploration and development work on its Spanish mineral properties, as well as for general corporate and working capital purposes.
- The company's business strategy involves investing in the mineral resources sector, with a focus on Spain, and utilizing the funds raised through such investments for further exploration and development of these mineral properties.
