-- Denarius Metals Corp. announced Monday that it has delivered a letter to the board of directors of Emerita Resources Corp. (EMO.V) outlining a proposal to acquire all of its issued and outstanding common shares.
This comes after the Ontario Securities Commission (OSC) announced Friday enforcement proceedings against Emerita, five of its directors and officers, as well as an individual related to the alleged misconduct. It also comes after EMO, which is edging higher early Monday, lost a third of its value and touched 52 week lows on Friday.
Under its proposal, Denarius Metals would acquire Emerita in an all share transaction at a 15% premium to market, based on Emerita's closing share price on the TSX Venture Exchange on April 10, 2026. The proposal contemplates consideration payable entirely in common shares of Denarius, which operates four projects across Colombia and Spain, including the Zancudo gold-silver project in Colombia, which is now in production, and the Aguablanca nickel-copper, Lomero polymetallic, and Toral zinc-lead-silver projects in Spain. Two of these projects, Aguablanca and Lomero, are located near IBW, Emerita's principal project.
Denarius said it believes the proposal offers Emerita shareholders a "compelling and certain path to value relative to a standalone development trajectory", and added the proposal is "subject to the negotiation and execution of a mutually acceptable definitive agreement and the satisfaction of customary conditions". There can be no assurance that the proposal will result in a completed transaction.
Emerita was down $0.13 or 33% at $0.26, and touched a 52 week low #0.25, last Friday. It was at last look up $0.01 at $0.27 today.