Oh goodie, another 40 cent PPCrooked David does it to shareholders again TORONTO, April 18, 2024 (GLOBE NEWSWIRE) -- Emerita Resources Corp. (TSX-V: EMO) (the “Company” or “Emerita”) announces it has entered into binding subscription agreements with four investors with respect to a non-brokered private placement financing of 12,500,000 Units at $0.40 per Unit for gross proceeds of $5,000,000 (the “Offering”). The Company believes the investors are long-term investors and are supportive of the Company’s strategy to continue to build value through the development of the Iberian Belt West Project and other projects in its portfolio in the Iberian Pyrite Belt.
Each Unit will be comprised of one common share in the capital of the Company (each a “Common Share”) and one Common Share purchase warrant (each 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 completion of the Offering. Securities issued under the Offering are expected to carry a hold period of 4 months and one day from the date of issue as may be required under applicable securities laws.
The Company plans to use the aggregate net proceeds of the Offering to continue the exploration and development work on its Spanish mineral properties as well as general corporate working capital purposes