Eloro Resources Announces Proposed Financing
02 June 2020 - 9:00PM
Eloro Resources Ltd. (TSX-V: ELO; FSE:
P2Q) (“
Eloro” or the
“
Corporation”) is pleased to announce a proposed
non-brokered private placement (the “Private Placement”) of up to
5,000,000 units of Eloro at a price of $0.30 per unit (“Units”) for
proceeds of up to $1,500,000.
Each Unit will consist of one common share
(“Common Share”) and one half of one Common Share purchase warrant
(a “Warrant”). Each whole Warrant will entitle the holder to
purchase one Common Share at a price of $0.50 per share for a term
of 24 months following the closing of the Private Placement.
In the event that any subscriber {“Subscriber”)
purchases 4,500,000 Units pursuant to the Private Placement, the
Corporation will grant to such Subscriber a right and option to
participate in any private placement offering of Common Shares
(whether or not any warrants are attached thereto) to subscribe for
a sufficient number of Common Shares to maintain the Subscriber’s
then applicable percentage holding of Common Shares (the
“Anti-dilution Right”), such Anti-dilution Right to be exercisable
until seven days prior to the closing date of the applicable
private placement offering and such Anti-dilution Right to expire
three years from the closing date of the proposed Private
Placement.
The proceeds of the Private Placement will be
used for working capital purposes and to fund exploration efforts
on Eloro’s optioned and wholly-owned properties. The Private
Placement is subject to approval by the TSX Venture Exchange.
Directors and/or officers of the Corporation will be participating
in the Private Placement. All securities issued pursuant to the
Private Placement will be subject to the applicable statutory
four-month hold period.
About Eloro Resources Ltd.
Eloro is an exploration and mine development
company with a portfolio of gold and base-metal properties in
Bolivia, Peru and Quebec. Eloro has an option to acquire a 99%
interest in the highly prospective Iska Iska Property, which can be
classified as a polymetallic epithermal-porphyry complex, a
significant mineral deposit type in the Potosi Department, in
southern Bolivia. Eloro recently commissioned a NI 43-101 Technical
Report on Iska Iska, which was completed by Micon International
Limited and is available on Eloro’s website and under its filings
on SEDAR. Iska Iska is a road-accessible, royalty-free property.
Eloro also owns an 82% interest in the La Victoria Gold/Silver
Project, located in the North-Central Mineral Belt of Peru some 50
km south of Barrick's Lagunas Norte Gold Mine and Pan American
Silver’s La Arena Gold Mine. La Victoria consists of eight mining
concessions and eight mining claims encompassing approximately 89
square kilometres. La Victoria has good infrastructure with access
to road, water and electricity and is located at an altitude that
ranges from 3,150 m to 4,400 m above sea level.
For further information please contact
either Thomas G. Larsen, President and CEO or Jorge Estepa,
Vice-President at (416) 868-9168.
Caution regarding Forward-Looking
InformationInformation in this news release may contain
forward-looking information. Statements containing forward looking
information express, as at the date of this news release, the
Corporation’s plans, estimates, forecasts, projections,
expectations, or beliefs as to future events or results and are
believed to be reasonable based on information currently available
to the Corporation including the size and other terms of the
Private Placement. There can be no assurance that statements of
forward-looking information will prove to be accurate. Actual
results and future events could differ materially from those
anticipated in such statements. Readers should not place undue
reliance on forward-looking information.
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
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