| Previous Close | 0.6800 |
| Open | 0.6700 |
| Bid | 0.6200 x 0 |
| Ask | 0.6300 x 0 |
| Day's Range | 0.6000 - 0.6700 |
| 52 Week Range | 0.0500 - 0.7000 |
| Volume | 2,210,367 |
| Avg. Volume | 782,393 |
| Market Cap | 85.48M |
| Beta (5Y Monthly) | 3.35 |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | -0.0180 |
| Earnings Date | N/A |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | N/A |
- GlobeNewswire
Emerita Provides Results of Surface Sampling From Geological Mapping Program, Iberia Belt West Project
Figure 1 Location for IBW project within the Iberian Pyrite Belt and the three mineral deposits. Figure 2 Sample locations, La Infanta area. Figure 3 Sample locations, La Romanera area. Figure 4 Sample locations, El Cura area. TORONTO, May 10, 2021 (GLOBE NEWSWIRE) -- Emerita Resources Corp. (TSX-V: EMO; OTC: EMOTF) (the “Company” or “Emerita”) is pleased to provide initial results of its surface sampling completed during its ongoing geological mapping program at its Iberia Belt West Project. (the “IBW Project”). Initial mapping has focused on the areas around the Infanta and Romanera Deposits and the El Cura area (Figure 1). The objective of this geochemical sampling campaign has been to verify the presence of massive sulfide mineralization and characterize the geological and structural setting in the three areas selected as priority targets for drilling within the IBW Project. The samples are from sulfide mineralized lenses and adjacent rocks in the areas where they outcrop either at surface or in historical trenches. The deposits were drilled by other companies in the past but until now Emerita has not had representative samples. The three areas: La Romanera, El Cura and La Infanta, are aligned along an approximate E-W direction and are separated from each other by approximately 4 kilometers (Figure 1). The three mineralized zones occur within a discrete rhyolitic to dacitic unit. It is possible that there are other non-outcropping lenses besides those already known. The Company plans Magnetic and Electromagnetic (EM) geophysical surveys to further evaluate the exploration potential and improve the selection of future drilling targets. Highlights are presented below and a full table of all sampling results from the program is included at the end of this release (Table 3). Joaquin Merino, P.Geo., President of Emerita, notes, “The geological mapping program continues on the remainder of the IBW Project. The sampling and mapping confirm the position of the mineral deposits in the field and the crews have also sited the drill platforms for the initial drill campaign. There are some very good grade samples from the field program, and this should bode well for the drill programs. We already have data from more than 40 historical drill holes at La Infanta and more than 50 at La Romanera. We are excited to start the program to expand our understanding of these deposits and our team is “amped up” to finally have core from these exceptional targets coming into the core shack. We look forward to the first drill core assays in the coming few weeks. We have established an excellent working relationship with the Mineral Department in Huelva as well as with the local municipality where the IBW Project is located, and their support has been very helpful.” La Infanta 23 samples were collected in the La Infanta area. These show high content of Ag, Zn, Pb and Cu, with contents in some of the samples above 4% copper and 20% zinc and lead and above 500 g/t silver. La Infanta shows the highest grade in Copper Zinc and lead and is enriched in precious metals. Mapping has indicated mineralization and alteration associated with this zone extends along a strike length of approximately 1200 meters. Highlights are noted in the following Table 1. Please see Table 3 and Figures 2-X for a complete list of samples and sample locations. Table 1: Highlights – La Infanta Mapping sample IDsample Type*Au (g/t)Ag (g/t)Cu (%)Pb (%)Zn (%)PA-09suboutcrop0.9255184.266.3712.2PA-13suboutcrop0.865262.669.380.134PA-37Rock Pile0.8744624.1419.1527.4PA-38Rock Pile1.2754644.322.631.9PA-40Rock Pile1.2054114.222.820.6PA-41Rock Pile0.5333538.4924.720.9PA-43Rock Pile0.9452952.6821.929.7PA-47Rock Pile0.1123464.259.1520.4 * Suboutcrop refers to outcrop rubble in trenches that is in place but highly fractured. Rock pile samples are from the material that is piled beside the excavations from when the trenches were dug. La Romanera A total of 41 samples were collected at La Romanera. Most of the sample were taken from the 450 meter long trench developed along the outcropping sulphide lenses that were exposed by previous exploration of the deposit. The sub-outcrops are from the surface exposures of these mineralized zones. The samples from La Romanera reveal a high content of both precious metals, some with values of 10 g/t gold and more than 200 g/t silver with base metals Zn and Pb. The Cu and Sn contents are also anomalous. Table 2 below shows highlights for the La Romanera sampling. Please refer to Table 3 at the end of the release for a complete list of samples and locations. Table 2: Highlights – La Romanera Area Mapping sample IDsample Type*Au (g/t)Ag (g/t)Cu (%)Pb (%)Zn (%)PA-71suboutcrop4.332030.27210.39.72PA-72Pile5.242530.7215.468.93PA-83suboutcrop0.9931060.253.078.91PA-84suboutcrop1.7252140.2467.166.47PA-86suboutcrop0.5241220.147.473.31PA-81suboutcrop9.793650.3756.672.39PA-82suboutcrop3.412370.2785.545.25PA-68suboutcrop>10.02020.194.712.62PA-66suboutcrop4.732470.1873.042.38 El Cura Exposure of mineralization in the El Cura area is very limited. At El Cura, 20 samples were collected from an area of 100 m by 100 m around an old shaft and rock pile. Based on the limited exposures, the mineralized lens at El Cura appears to be plunging to the west. Mineralization observed is characterized by fine grained sulfide mineralization comprising pyrite, chalcopyrite, sphalerite and galena. The mineralized samples from El Cura tend to be copper-gold rich with lower silver, zinc and lead than the other two deposits. However these samples may not be representative of what was actually mined through the old workings. Figure 1: Location for IBW project within the Iberian Pyrite Belt and the three mineral deposits.https://www.globenewswire.com/NewsRoom/AttachmentNg/aa2257b1-4a9d-4a2e-ae24-f36cfcdb273f Figure 2: Sample locations, La Infanta area.https://www.globenewswire.com/NewsRoom/AttachmentNg/d8b11365-f86a-475a-b795-7966d95d79c2 Figure 3: Sample locations, La Romanera area.https://www.globenewswire.com/NewsRoom/AttachmentNg/40b5f2e0-a486-4cca-bf00-dc1f14a12522 Figure 4: Sample locations, El Cura area.https://www.globenewswire.com/NewsRoom/AttachmentNg/ccfe2e81-e70e-486d-a28a-e298a945244e Table 3: Complete list of samples and locations, IBW mapping and surface sampling program. A total of 84 samples were collected. The coordinates of the locations of each sample were recorded, and the samples dispatched to the ALS laboratory in Seville for geochemical analysis, complying with the QA/QC protocols. The analyses were carried out using the following methods: Au-AA23 for gold, Sn-ICP81x for Tin and ME-ICPORE for the rest of the elements. ALS complies with the International standards ISO / IEC 17025: 2017 and ISO 9001: 2015. Au-AA23ME-ICPOREME-ICPOREME-ICPOREME-ICPORESample TypeLugarAu g/tAg g/tCu %Pb %Zn % PA-09SuboutcropInfanta0.9255184.266.3712.2PA-13SuboutcropInfanta0.865262.669.380.134PA-14OutcropInfanta0.01620.0160.040.008PA-02BLANKBLANK<0.005<10.0030.0080.003PA-15OutcropInfanta0.01310.001<0.005<0.002PA-17SuboutcropEl Cura0.23190.8820.0330.02PA-18Rock PileEl Cura0.304160.1490.0880.01PA-19SuboutcropEl Cura1.025250.2390.1010.009PA-20SuboutcropEl Cura0.493180.0750.1090.009PA-11STANDARDOREAS-131b0.02340.0231.893.06PA-21Rock PileEl Cura1.735220.0970.590.409PA-22SuboutcropEl Cura0.669300.2450.2980.234PA-23SuboutcropEl Cura0.25120.4070.0480.009PA-24SuboutcropEl Cura0.885260.0770.0830.008PA-25SuboutcropEl Cura0.359160.0730.0930.009PA-26SuboutcropEl Cura0.329160.0810.0820.008PA-27SuboutcropEl Cura0.912170.0710.0720.011PA-28SuboutcropEl Cura1.63260.0610.1530.035PA-29SuboutcropEl Cura0.698160.6860.0780.015PA-30SuboutcropEl Cura0.596291.4550.1780.415PA-31SuboutcropEl Cura0.373200.1520.1060.011PA-32SuboutcropEl Cura0.413350.4990.1580.015PA-33SuboutcropEl Cura0.353750.590.240.017PA-34SuboutcropEl Cura0.499170.1870.0710.014PA-35SuboutcropEl Cura0.84221.280.0660.024PA-36SuboutcropEl Cura0.00710.0390.0070.067PA-37Rock PileLa Infanta0.8744624.1419.1527.4PA-38Rock PileLa Infanta1.2754644.322.631.9PA-39Rock PileLa Infanta0.3051861.756.447.97PA-40Rock PileLa Infanta1.2054114.222.820.6PA-41Rock PileLa Infanta0.5333538.4924.720.9PA-42Rock PileLa Infanta0.3932423.215.39.53PA-16STANDARDOREAS-9300.02992.550.0140.053PA-43Rock PileLa Infanta0.9452952.6821.929.7PA-44Rock PileLa Infanta0.05270.3221.451.005PA-51BLANKBLANK<0.005<10.0050.0190.017PA-46Rock PileLa Infanta0.13701.3953.27.03PA-47Rock PileLa Infanta0.1123464.259.1520.4PA-48SuboutcropLa Infanta0.107250.0440.2130.155PA-49SuboutcropLa Infanta0.094270.0420.1970.23PA-50Rock PileLa Romanera0.008<10.004<0.0050.011PA-52STANDARDOREAS-131b0.01330.0221.8553.11PA-53SuboutcropLa Romanera<0.005<10.0010.0060.011PA-54Rock chipLa Romanera0.016<10.003<0.0050.005PA-55Rock chipLa Romanera<0.005<1<0.001<0.0050.002PA-57Rock PileLa Romanera0.01110.0070.0080.019PA-58Rock PileLa Romanera0.02210.0170.0280.108PA-59Rock PileLa Romanera0.329260.0440.9120.09PA-60Rock PileLa Romanera0.02620.0050.0120.019PA-61SuboutcropLa Romanera0.408370.0351.240.04PA-62SuboutcropLa Romanera0.84370.0341.1650.048PA-63SuboutcropLa Romanera0.245250.0371.10.046PA-64SuboutcropLa Romanera0.742820.3370.1370.881PA-65SuboutcropLa Romanera 4.192770.2222.692.05PA-66SuboutcropLa Romanera 4.732470.1873.042.38PA-67SuboutcropLa Romanera 2.382150.3711.2550.326PA-68SuboutcropLa Romanera >10.02020.194.712.62PA-69SuboutcropLa Romanera 2.271770.471.9954.19PA-70SuboutcropLa Romanera 2.551270.5560.5671.1PA-71SuboutcropLa Romanera 4.332030.27210.39.72PA-72Rock PileLa Romanera 5.242530.7215.468.93PA-73SuboutcropLa Romanera 4.621660.4760.9151.77PA-74SuboutcropLa Romanera0.01910.0470.010.054PA-75SuboutcropLa Romanera0.0110.1090.0050.133PA-76OutcropLa Romanera0.005<10.008<0.0050.06PA-77OutcropLa Romanera<0.005<10.001<0.0050.012PA-78SuboutcropLa Romanera0.552780.2110.2662.09PA-56STANDARDOREAS-9300.01282.660.0150.054PA-79SuboutcropLa Romanera 2.312400.2437.20.265PA-80SuboutcropLa Romanera 1.135900.3450.8760.163PA-81SuboutcropLa Romanera 9.793650.3756.672.39PA-82SuboutcropLa Romanera 3.412370.2785.545.25PA-83SuboutcropLa Romanera 0.9931060.253.078.91PA-84SuboutcropLa Romanera 1.7252140.2467.166.47PA-85OutcropLa Romanera0.11730.1020.1080.06PA-45BLANKBLANK0.007<10.0020.0130.008PA-86SuboutcropLa Romanera 0.5241220.147.473.31PA-87SuboutcropLa Romanera 0.878810.232.731.925PA-88SuboutcropLa Romanera 0.8451530.3251.2750.29PA-89SuboutcropLa Romanera0.27300.0352.650.02PA-90SuboutcropLa Romanera0.6931020.4261.770.504PA-91SuboutcropLa Romanera 1.331290.1771.7251.72PA-05STANDARDOREAS-131b0.025330.0221.8353.08PA-92SuboutcropLa Romanera0.7571270.2672.571.865PA-93SuboutcropLa Romanera0.6951140.2922.111.095 Qualified Person The scientific and technical information in this news release has been reviewed and approved by Mr. Joaquin Merino, P.Geo, President of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. 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: Joaquin Merino+34 (628) 1754 66 (Spain) Helia Bento+1 416 309 4293 (Toronto)info@emeritaresources.com 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 the mineralization of the Project, the prospectivity of the IBW Project, the timing and results of the diamond drill program, the impact of changes in the mining laws and regulations, the impact of COVID 19 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. 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.
- GlobeNewswire
Emerita Mobilizing for Diamond Drill Program at Iberia Belt West, Provides Update on New Mining Regulations and European Union Incentives for Andalucia Region
Figure 1 Location for IBW Project within the Iberian Pyrite Belt and the three mineral deposits. Figure 2 Drill program, La Infanta area, IBW Project. Figure 3 Section across the mineralization in La Infanta. Historical drill results and planned holes. Figure 4 Diamond drill hole collar locations for historical drill holes at the Infanta deposit. TORONTO, April 12, 2021 (GLOBE NEWSWIRE) -- Emerita Resources Corp. (TSX – V: EMO; OTC: EMOTF) (the “Company” or “Emerita”) announces that the Iberia Belt West Project (the “ IBW Project”) has cleared the required 30 business days socialization on the Department of Mining website as required by the permitting process and is proceeding with the planned diamond drill program at the high grade Infanta deposit, one of three target deposits controlled by Emerita within the belt The diamond drill contract has been awarded to Geonor Drilling, and staff are on site preparing for the commencement of the drilling campaign. This will be the Company’s first diamond drill campaign at its flagship IBW Project in Andalucia Region, southern Spain. The Company has established COVID 19 safety protocols for ensuring a secure work environment for its employees and contractors. Joaquin Merino, P.Geo., President of Emerita, remarked, “We are excited to finally be commencing the diamond drill program on the Infanta Deposit. It is a very high grade mineralized zone that has only been drilled to approximately 110 meters depth and historical drilling only evaluated about 450 meters of strike length. The deposit was not cut off either down dip or along strike because it crossed the historical property boundary. Our recent field mapping suggests the mineralization extends for at least 1.2 kilometers along strike at surface.” The initial drill program at Infanta will be designed to test the full 1.2 kilometer strike length of the mineralization and test the depth extent to approximately 300 meters down dip. There are 49 historical holes drilled delineating the deposit to date and the program will move from the known mineralization and step out systematically along strike and down dip to establish a NI 43-101 compliant resource estimate for the deposit. The plan will be to initially complete approximately 30 drill holes for a total of approximately 5,000 meters of drilling. The Company is fully financed to complete the program. Please refer to the section below for a more detailed discussion of the Iberia Belt West Project. Andalucia Region Targeted for Strategic Mining Investment by European Union There have been two important developments with respect to the mining industry in the Andalucia Region, Spain, where the Company’s projects are located, during the past week. The Junta of the Andalucia Region passed a law designating underground mining as a strategically important industry in the region that will be permitted in all areas of the region . Mining development will have priority as an economic activity.The European Union has passed an initiative as part of its plan to rebuild the economy post the COVID 19 pandemic whereby the Iberian Belt which is located primarily in Andalucia and extends westward to Portugal will receive a strategic investment of €3.10 billion for mine development and related activities. The Ministry of Economic Transformation, Industry, Knowledge and Universities has promoted the project for the metal mining and metallurgy sectors in Andalusia to apply for funds from the “Next Generation of the European Union” (funds established for economic rebuilding of the EU post the pandemic). The strong mining industry and recognized geological potential hosted in the Iberian Pyrite Belt, within the provinces of Seville and Huelva will be the focus of the program. David Gower, P.Geo., CEO of Emerita, stated, “These initiatives are important and send a strong message with respect to the importance of mining to the Andalucía region and the contribution the region can make in terms of providing domestic European supply of strategic minerals. Emerita has long recognized the advantages of mining investments in this area. The geological potential is well established by a mining history that dates back to at least the Roman times and continues to have production from modern, leading edge operations. The area has significant advantages due to exceptional infrastructure, highly educated and productive professionals, access to post secondary institutions and well established mining and permitting regulations. These competitive advantages will be further enhanced by these recent announcements. Emerita is investigating how this just announced program may apply to its projects.” Diamond Drill Program, Infanta Deposit The IBW Project is hosted within the renowned Iberian Pyrite Belt, one of the most productive VMS terranes in the world. The IBW Project encompasses three polymetallic deposits. From east to west: Infanta, El Cura and Romanera. The area has a long history of mining activity that dates back as far as Roman times (Figure 1). Previous exploration of the deposits was conducted by major companies including Asturiana, RTZ and Phelps Dodge in the 1970’s and 1980’s. Emerita has compiled the available technical data consisting of drill core logs and assays from drill holes, geophysical data and internal exploration reports (Figure 3). The initial diamond drill program at IBW contemplates 5,000 meters of diamond drilling focused on the Infanta target area. The drill program has the objective of testing the depth extension to approximately 300 meters, which is approximately 3X the depth of historical drilling and evaluating the strike length along 1.2 kilometres (Figure 2). In preparation for the diamond drilling program at the Infanta deposit, Emerita’s exploration team has completed mapping and sampling, obtained surface access permission from local land owners and other essential activities required to accomplish the program efficiently. Figure 1: Location for IBW Project within the Iberian Pyrite Belt and the three mineral deposits.https://www.globenewswire.com/NewsRoom/AttachmentNg/2014c3ab-0bd5-4506-ba9c-0b7dc3553e23 Figure 2: Drill program, La Infanta area, IBW Project.https://www.globenewswire.com/NewsRoom/AttachmentNg/15190d21-5287-4645-8a88-e559ba874e81 Figure 3: Section across the mineralization in La Infanta. Historical drill results and planned holes.https://www.globenewswire.com/NewsRoom/AttachmentNg/e6626d96-7b13-4028-bc40-7caba44b9e54 About the Infanta Deposit The Infanta deposit features numerous high grade copper, lead and zinc intercepts, with strong enrichment in silver and locally in gold (see below). Highlights - Infanta Deposit historical drillingHole #fromtowidthAu_ppmAg_ppmCu_%Pb_%Zn_%IN2P49.555.86.30.5176.43.111.120.7IN5P117.4130.913.51.0202.31.16.112.3A347.6453.465.820.3140.41.76.512.2 54.4666.1611.70.362.11.04.37.6A1155.962.66.70.0327.32.17.517.3A127886.148.140.085.63.08.714.5A22104.92109.154.230.0186.23.211.521.5A3181.286.55.30.9240.03.813.125.3A3272.37763.630.4214.03.818.231.2A3934.9740.65.630.8102.61.45.012.5 For complete details of the historical drill results from the Infanta Deposit please refer to Emerita news release dated September 9, 2020 which includes data for 41 diamond drill holes. The holes were drilled primarily in the late 1970’s and early 1980’s by Asturiana de Zinc and Phelps Dodge. Drilling extended from near surface, where the deposit outcrops, to a depth of only approximately 130 meters and along strike for approximately 450 meters. The deposit remains open at depth and along strike. At the time of historical drilling, the strike and down dip extent of the deposit were not adequately tested. Mineralization extended beyond the property boundary onto ground controlled by a competitor. The Project area has expanded such that the potential extensions of the deposit occur well within Emerita’s property boundaries. Figure 4: Diamond drill hole collar locations for historical drill holes at the Infanta deposit.https://www.globenewswire.com/NewsRoom/AttachmentNg/ec3e2875-1454-41df-9a3e-719cf1536128 Qualified Person The scientific and technical information in this news release has been reviewed and approved by Mr. Joaquin Merino, P.Geo, President of the Company and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. 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: Joaquin Merino+34 (628) 1754 66 (Spain) Helia Bento+1 416 566 8179 (Toronto)info@emeritaresources.com 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 the mineralization of the Project, the prospectivity of the Project, the timing and results of the diamond drill program, the impact of changes in the mining laws and regulations, the impact of COVID 19 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. 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.
- GlobeNewswire
Emerita Announces Closing of $3 Million Strategic Private Placement by Eric Sprott
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. TORONTO, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Emerita Resources Corp. (“Emerita” or the “Company”) (TSXV: EMO) is pleased to announce that it has closed its previously announced non-brokered private placement of 13,636,363 units of the Company (the “Units”) at a price of $0.22 per Unit (the “Offering”). Each Unit is comprised of one common share of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable to acquire one Common Share (a “Warrant Share”) at a price of $0.30 per Warrant Share for a period of 24 months from the date hereof. Eric Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him, acquired 13,636,363 Units pursuant to the Offering for approximate consideration of $3,000,000. As a result, Mr. Sprott beneficially owns and controls 13,636,363 Common Shares and 6,818,181 Warrants, representing approximately 10.1% of the issued and outstanding Shares of the Company on a non-diluted basis and approximately 14.4 % of the issued and outstanding Common Shares on a partially-diluted basis assuming exercise of the Warrants acquired hereunder and forming part of the Units. Prior to the Offering, Mr. Sprott did not beneficially own or control any securities of the Company. The Units were acquired by Mr. Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company including on the open market or through private acquisitions or sell securities of the Company including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other factors that Mr. Sprott considers relevant from time to time. A copy of Mr. Sprott's early warning report will appear on Emerita’s profile on SEDAR and may also be obtained by calling Mr. Sprott’s office at (416) 945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1). The proceeds of the Offering will be used to continue project development work in Spain and for general corporate purposes. The Company paid finder’s fees of $180,000 in cash and issued 818,181 non-transferable finder’s warrants (“Finder’s Warrants”). Each Finder Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.30 for a period of 24 months from the date hereof. The Offering is subject to final approval of the TSX Venture Exchange and the securities issued under the Offering have a statutory hold period of four months and one day from today’s date. 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 Merino34 (628) 1754 66 (Spain) info@emeritaresources.com 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 Offering, the use of proceeds of 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. 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