Emerita Resources Announces Increase to Private Placement
Emerita Resources Announces Increase to Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES
TORONTO, May 28, 2020 -- Emerita Resources Corp. (TSX-V: EMO) (the “Company” or “Emerita”) announces that due to
response from investors, it has increased its non-brokered private placement financing to $1,350,000 from its initially targeted
$1,000,000 financing announced on May 14, 2020. The increased financing will be completed through the issuance of up to
27,000,000 units of Emerita (the “Units”) at a price of $0.05 per Unit (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 $0.15 for a period of 24 months following the closing date of the Offering, subject to an acceleration provision whereby
in the event that at any time after the expiry of the statutory hold period, the Common Shares trade at $0.25 or higher on the
TSX Venture Exchange for a period of 20 consecutive days, the Company shall have the right to accelerate the expiry date of
the Warrants to the date that is 30 days after the Company issues a news release announcing that it has elected to exercise
the acceleration right.
The proceeds of the Offering are expected to be used to finance exploration activities at the Company’s properties in Spain
and for general corporate purposes.
The closing date of the Offering is expected to occur on or about June 15, 2020. All securities issued by Emerita will be
subject to a hold period of four months and one day. Emerita has agreed to pay a finder’s fee of 8% of the gross proceeds,
payable in cash, and finder’s warrants equal to 8% of the Units sold by qualified finders. Each finder’s unit shall be exercisable
to acquire one common share of the Company at an exercise price of $0.10 per share, for a period of 24 months from the
closing date of the Offering. 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:
Helia Bento
+1 416 566 8179 (Toronto)
Joaquin Merino
+34 (628) 1754 66 (Spain)
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation.
Forward-looking information includes, without limitation, statements regarding the timing of the Offering, the Company’s ability
to acquire the Aznalcollar and Paymogo project, the closing of the Offering, the use of proceeds from the Offering and the
Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology
such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”,
“anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events
or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward- looking information is subject to
known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or
achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-
looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties;
the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully
integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Emerita
has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-
looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the
United States. The securities have not been and will not be registered under the United States Securities Act of 1933,
as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United
States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
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.