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TORONTO, May 16, 2019 (GLOBE NEWSWIRE) -- Emerita Resources Corp. (TSX-V: EMO) (the “Company” or “Emerita”) announces that the TSX Venture Exchange (the “TSXV”) has granted an extension to the duration of its previously announced private placement (see the Company’s press release dated February 19, 2019).  The outside date upon which final acceptance of the private placement may be granted by the TSXV has been extended to June 14, 2019. The private placement is subject to the receipt of all necessary approvals, including the approval of the TSXV.

Emerita also announces that it has received final TSXV approval to complete its previously announced share consolidation. Effective at the opening on May 17, 2019, the common shares of Emerita will commence trading on the TSXV on a consolidated basis of one (1) new common share for every five (5) existing common shares (the “Consolidation”).

Prior to the Consolidation, Emerita had 142,095,829 common shares outstanding and, following the Consolidation will have approximately 28,419,165 common shares outstanding.  The change in the number of issued and outstanding Emerita common shares that has resulted from the Consolidation will not materially affect any shareholder’s percentage ownership in Emerita, although such ownership would be represented by a smaller number of common shares.

A letter of transmittal will be sent by mail to Emerita shareholders advising that the Consolidation has taken effect and instructing shareholders to surrender the certificates evidencing their common shares for replacement certificates representing the number of common shares to which they are entitled as a result of the Consolidation.  Until surrendered, each certificate will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the Consolidation. 

The Consolidation was approved by the shareholders of Emerita at the special meeting held on December 18, 2018.  Further details regarding the Consolidation are contained in the Company’s information circular dated November 21, 2018, which has been filed under the Company’s profile on SEDAR at www.sedar.com.

About Emerita Resources Corp.

Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in Europe, with a primary focus on exploring in Spain. The Company’s corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.

For further information, contact:

Jake Bouma
Intrynsyc Capital Corporation
+1 604 317 3936

Helia Bento
+1 416 566 8179 (Toronto)

Joaquin Merino
+34 (628) 1754 66 (Spain)

info@emeritaresources.com

Cautionary Note Regarding Forward-looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the timing of the private placement, the Consolidation and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Emerita has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.