Mr. Thomas Larsen reports
ELORO RESOURCES ANNOUNCES PROPOSED FINANCING
Eloro Resources Ltd. has proposed a non-brokered private placement of up to five million units of Eloro at a price of 30 cents per unit for proceeds of up to $1.5-million.
Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at a price of 50 cents per share for a term of 24 months following the closing of the private placement.
In the event that any subscriber purchases 4.5 million 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, 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 finance 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-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.
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