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.

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