OSC announces allegations against Emerita Resources Corp. and associated individuals

TORONTO, April 10, 2026 /CNW/ - Today the Ontario Securities Commission (OSC) announced enforcement proceedings against Emerita Resources Corp., five of its directors and officers, as well as an individual related to the alleged misconduct.

The OSC alleges that several of Emerita's directors and officers -- David Gower, Lawrence Guy, Damian Lopez, and Gregory Duras – as well as Hélio Diniz, participated in actions which ultimately diverted lithium mining claims in Brazil, known as the Falcon Project, away from Emerita to their benefit.

The OSC alleges that these individuals participated in the creation of a newly formed company, Lithium Ionic Corp., to pursue Falcon Project claims, where they became shareholders and assumed senior roles. The OSC alleges that this conduct defrauded Emerita and its investors. In addition, Gower, Guy, Lopez and Duras are alleged to have caused Emerita to issue misleading statements that the company had "relinquished" the project, while senior insiders were pursuing it through Lithium Ionic. 

In addition, it is alleged that Gower and Diniz misled the OSC during the investigation about matters relating to the Falcon Project.  Further, between 2017 to 2023, the OSC alleges Emerita's public filings contained untrue or misleading statements about another project -- the Plaza Norte zinc project in Spain -- including about the status of the project permit and Emerita's ownership interest in the joint venture pursuing the project.  The OSC alleges these statements were approved or allowed by Gower, Lopez, Duras, and Joaquin Merino Marquez.

A case management hearing will take place before the Capital Markets Tribunal on May 8, 2026, at 10:00 a.m. A copy of the OSC's Application for Enforcement Proceeding is available on the Tribunal's website.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at www.osc.ca.

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SOURCE Ontario Securities Commission

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