Emerita Resources (TSXV: EMO) is capitalizing on recent strength in the market. The company this morning announced that it will be conducting a bought deal financing, lead by Clarus Securities and Research Capital Corporation, for gross proceeds of $10.0 million.
Under the terms of the financing, the company will look to sell a total of 9.1 million units at a price of $1.10 per each. No warrant was indicated as being included in the offering. An over-allotment option has also been granted in connection with the financing, which if exercised would bring in an additional $1.5 million in gross proceeds.
Proceeds from the financing are to be used for working capital requirements and general corporate purposes.
The offering is slated to close July 15, 2021.
Emerita Resources last traded at $1.25 on the TSX Venture.
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