OSC Alleges Securities Fraud Against Emerita Resources Corp and Associated Individuals
Summary
The Ontario Securities Commission announced enforcement proceedings against Emerita Resources Corp., five directors and officers, and one related individual for alleged securities fraud. The OSC alleges the individuals diverted lithium mining claims in Brazil (the Falcon Project) to a newly formed company, Lithium Ionic Corp., for their personal benefit while misleading Emerita investors about the project's status. The OSC also alleges misleading statements regarding a zinc project in Spain and that two individuals misled OSC investigators. A case management hearing is scheduled before the Capital Markets Tribunal on May 8, 2026.
What changed
The OSC has initiated enforcement proceedings alleging that several Emerita directors and officers, along with an associated individual, participated in a scheme to divert lithium mining claims in Brazil to their personal benefit through a newly formed company, Lithium Ionic Corp. The OSC alleges these individuals made misleading statements to investors claiming the company had relinquished the Falcon Project while secretly pursuing it through their new company. Additionally, the OSC alleges misleading statements about the Plaza Norte zinc project in Spain and that two individuals made false statements to OSC investigators during the investigation.
Public companies, directors, officers, and investors should note that this enforcement action demonstrates the OSC's active pursuit of securities fraud cases involving resource exploration companies. Directors and officers of public companies should ensure accurate disclosure of project status and avoid conflicts of interest when pursuing related business opportunities. The case management hearing scheduled for May 8, 2026 will determine the next steps in this enforcement proceeding.
What to do next
- Monitor the May 8, 2026 case management hearing before the Capital Markets Tribunal
- Review the full Application for Enforcement Proceeding on the Tribunal's website
- Ensure public filings accurately reflect project status and ownership interests
Archived snapshot
Apr 11, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
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OSC announces allegations against Emerita Resources Corp. and associated individuals
OSC Enforcement Before the Court
April 10, 2026
For Immediate Release
TORONTO – 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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For Media Inquiries:
Curtis Lindsay
[email protected]
For Investor and Industry Inquiries:
1-877-785-1555 (Toll Free)
[email protected]
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