12:39 PM EDT, 08/13/2025 (MT Newswires) -- Emerita Resources ( EMOTF ) shares were last seen down 10% after the company on Wednesday said it will seek up to $15 million in a best-efforts private placement of share units.

The company will place up 14.3-million units priced at $1.05 each and made up of a share and one half of a two-year warrant to buy a second share for $1.30.

The company said mining financier Eric Sprott, one of its largest shareholders, agreed to participate in the offering with a lead order of $5 million.

Proceeds will be used to continue the exploration and development work on its Spanish mineral properties and for general corporate and working capital needs.

Shares of the company were last seen down $0.12 at $1.03 on the TSX Venture Exchange.

Price: 1.04, Change: -0.11, Percent Change: -9.57