Emerita Closes Over Subscribed $20.0 Million Bought Deal Financing
Emerita Resources (TSXV: EMO) has closed its previously announced bought deal private placement lead by Clarus Securities and Research Capital Corporation. The company raised gross proceeds of $20.0 million under the offering, including the full exercise of the over-allotment option.
Originally pegged at $10.0 million, the offering saw strong demand that resulted in the financing being increased to $16.0 million just hours later.
The financing saw a total of 18.2 million units of the company sold at a price of $1.10 per unit. Each unit contained one common share of the company as well as one half of a common share purchase warrant. Each warrant is valid for a period of two years and contains an exercise price of $1.50 per share.
Proceeds from the offering are to be used for the purpose of exploring its properties in Spain, as well as for working capital and general corporate purposes.
Emerita Resources last traded at $1.71 on the TSX Venture.
FULL DISCLOSURE: Emerita Resources is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Emerita Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
