Keeping the doors open.................. Mr. Joaquin Merino reports
EMERITA RESOURCES LAUNCHES UP TO $500,000 PRIVATE PLACEMENT FINANCING OF UNITS
Emerita Resources Corp. intends to complete a non-brokered private placement financing of up to 7,142,857 units of Emerita at a price of seven cents per unit for gross proceeds of up to $500,000. Each unit shall comprise one common share of Emerita and one common share purchase warrant, each warrant entitling the holder to acquire a common share at 14 cents for a period of 24 months from issuance.
The closing date of the offering is expected to occur on or about Nov. 16, 2015. All securities issued by Emerita will be subject to a hold period of four months and one day. Completion of the offering is subject to a number of conditions, including TSX Venture Exchange approval.
The proceeds of the offering will be used to continue project development work in Spain and for general corporate purposes.
In connection with the offering, Emerita may pay finders' fees in cash of up to 6 per cent of gross proceeds of the offering and finders' warrants in an amount of up to 6 per cent of the units sold pursuant to the offering to eligible finders in accordance with the policies of the TSX Venture Exchange. Each finder's warrant will entitle the holder thereof to purchase one common share at a price of 14 cents for a period of 24 months following the closing date of the offering.