Emerita Resources (TSXV: EMO) has seen one of its major shareholders increase his stake in the company. Renowned mining financier Eric Sprott has exercised all outstanding warrants held in the company, resulting in him increasing his stake in the firm by 3.3%.
In total, Sprott exercised 6.8 million warrants in the company, at a price of $0.30 per common share. As a result, the firm received gross proceeds of $2.0 million from the transaction, while Sprott saw his ownership increase by 3.3%.
Following the closing of the transaction, Sprott now holds a 10.7% stake in Emerita, and increase from the prior 7.4% stake. Collectively, he now owns a total of 20.5 million shares in Emerita, which equates to a $65.5 million stake in the company based on Friday’s closing price.
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Emerita Resources last traded at $3.20 on the TSX Venture.
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