- Emerita issued 18,182,500 units at a price of $1.10 per unit for aggregate gross proceeds of $20,000,750, including the exercise of the over-allotment option
- The offering was led by Clarus Securities Inc. and Research Capital Corporation, as co-lead underwriters and joint bookrunners
- Net proceeds will be used to fund exploration activities in Spain
- The underwriters received an aggregate cash fee equal to 6.0% of the gross proceeds
- Emerita Resources Corp. is a Canadian natural resource company
- Emerita Resources Corp. (EMO) is down 2.94 per cent, trading at C$1.65 per share at 1:30 pm ET
Emerita (EMO) has closed its previously announced bought deal private placement.
The company issued 18,182,500 units at a price of $1.10 per unit for aggregate gross proceeds of $20,000,750, which included the full exercise of the over-allotment option.
The offering was led by Clarus Securities Inc. and Research Capital Corporation, as co-lead underwriters and joint bookrunners, on behalf of a syndicate of underwriters that included iA Private Wealth Inc.
Each unit is comprised of one common share and one-half of one share purchase warrant. Each whole warrant is exercisable for one common share at a price of $1.50 for a period of 24 months.
Net proceeds will be used to fund exploration activities in Spain and for working capital and general corporate purposes.
The underwriters received an aggregate cash fee equal to 6.0% of the gross proceeds from the offering. In addition, Emerita issued 1,090,950 non-transferable broker warrants to the underwriters.
Each broker warrant will entitle the holder to purchase one common share at a price equal to the offering price for a period of 24 months.
The securities will be subject to a four-month holding period. The offering remains subject to the final approval of the TSX Venture Exchange.
Emerita Resources Corp. is a Canadian natural resource company engaged in the acquisition, exploration and development of mineral properties with a primary focus on exploring in Spain.
Emerita Resources Corp. (EMO) is down 2.94 per cent, trading at C$1.65 per share at 1:30 pm ET.
