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Eloro Resources Ltd (3)
Symbol ELO
Shares Issued 70,845,336
Close 2023-01-19 C$ 3.41
Recent Sedar Documents

Eloro arranges $10.08-million bought deal offering

2023-01-19 23:11 ET - News Release

Mr. Thomas Larsen reports

ELORO RESOURCES ANNOUNCES C$10 MILLION BOUGHT DEAL FINANCING

Eloro Resources Ltd. has entered into an agreement with Cantor Fitzgerald Canada Corp. to act as sole underwriter, pursuant to which the underwriter has agreed to purchase, on a bought deal basis, 3.2 million units at a price of $3.15 per unit for gross proceeds to the company of $10.08-million.

Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant of the company. Each warrant shall be exercisable to acquire one common share at a price per warrant share of $4.25 for a period of 24 months from the closing date of the offering.

In addition, the company has agreed to grant to the underwriter an option to purchase up to an additional 15 per cent of the number of units sold under the offering at a price per unit equal to the issue price, on the same terms and conditions as the offering, exercisable at any time, in whole or in part, until the date that is 30 days following the closing of the offering.

The net proceeds from the offering will be used for exploration and development at the company's projects in Bolivia, and for general working capital and corporate purposes as set out in the prospectus supplement (defined below).

The units will be offered by way of a prospectus supplement to the company's existing base shelf prospectus in all of the provinces of Canada (other than the province of Quebec). The prospectus supplement (together with the related base shelf prospectus) will be available on SEDAR.

The offering is scheduled to close on or about Jan. 27, 2023, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.

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-per-cent 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. A recent National Instrument 43-101 technical report on Iska Iska, which was completed by Micon International Ltd., is available on Eloro's website and under its filings on SEDAR. Iska Iska is a road-reachable, royalty-free property. Eloro also owns an 82-per-cent interest in La Victoria gold/silver project, located in the north-central mineral belt of Peru about 50 kilometes south of Barrick's Lagunas Norte gold mine and Pan American Silver's La Arena gold mine.

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