Non-brokered offering funds exploration and general corporate purposes
By Devika Patel
Knoxville, Tenn., Aug. 13 – Emerita Resources Corp. said it increased a non-brokered private placement of stock to C$1.23 million from C$750,000. The deal priced July 28.
The company will now sell 12,275,750 common shares at C$0.10 apiece. The price per share is an 11.11% premium to the July 25 closing share price of C$0.09.
Millennium Insurance Co. Ltd. has agreed to buy 4,396,500 shares for C$439,650. AGQ Labs & Technological Services has agreed to purchase 3,663,750 shares for C$366,375, and members of the management teams of Forbes & Manhattan, Inc. and Emerita have agreed to buy 2.75 million shares for C$275,000.
Settlement is expected Aug. 15.
Proceeds will be used for exploration and general corporate purposes.
The natural resource company is based in Toronto.
| Issuer: | Emerita Resources Corp.
|
| Issue: | Common shares
|
| Amount: | C$1,227,575
|
| Shares: | 12,275,750
|
| Price: | C$0.10
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investors: | Millennium Insurance Co. Ltd. (for C$439,650), AGQ Labs & Technological Services (for C$366,375), Forbes & Manhattan, Inc. and Emerita management (C$275,000)
|
| Pricing date: | July 28
|
| Upsized: | Aug. 13
|
| Settlement date: | Aug. 15
|
| Stock symbol: | TSX Venture: EMO
|
| Stock price: | C$0.09 at close July 25
|
| Market capitalization: | C$3.04 million
|
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