The Prospector News

Eloro Resources Closes C$6.3 Million Bought Deal Financing

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

 

 

 

 

 

Eloro Resources Ltd. (TSX-V: ELO) (OTCQX: ELRRF) (FSE: P2QM) is pleased to announce that it has closed its previously announced bought deal financing, including the exercise in full of the over-allotment option, of 4,080,660 units of the Company at a price of C$1.55 per Unit for aggregate gross proceeds to the Company of C$6,325,023. Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant of the Company. Each Warrant is exercisable to acquire one Common Share at a price per Warrant Share of C$2.00 for a period of 24 months from the closing date of the Offering.

 

The Offering was underwritten on a bought deal basis by a syndicate of underwriters led by Haywood Securities Inc. and including Echelon Wealth Partners Inc.

 

The Company intends to use the majority of the net proceeds from the Offering for continued exploration of the Company’s Iska Iska project in Bolivia.

 

In connection with the Offering, the Underwriters received a cash commission equal to 7.0% of the gross proceeds of the Offering and that number of non-transferable compensation options equal to 7.0% of the aggregate number of Units sold under the Offering. Each Compensation Option is exercisable into one Common Share at the Issue Price for a period of 24 months from the closing date of the Offering.

 

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

 

Qualified Person

 

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Eloro and a Qualified Person as such term is defined in National Instrument 43-101, has reviewed and approved the technical content of this news release.

 

About Eloro

 

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 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.

 

Posted January 6, 2021

Share this news article

MORE or "UNCATEGORIZED"


Kirkland Lake Gold Reports Solid Production in First Quarter 2021

Kirkland Lake Gold Ltd. (TSX:KL) (NYSE:KL) (ASX:KLA) announced pr... READ MORE

April 9, 2021

Ascot Resources Ltd. Announces Closing of C$61,000,000 Bought Deal Financing

Ascot Resources Ltd. (TSX: AOT) (OTCQX: AOTVF) is pleased to ann... READ MORE

April 9, 2021

Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi

Rio Tinto has entered into a binding Heads of Agreement with Turq... READ MORE

April 9, 2021

Frontier Lithium Announces Acquisition of the 2.5% Net Smelter Royalty on the PAK Lithium Project

Frontier Lithium Inc. (TSX-V: FL) (OTCQX: LITOF) (FSE: HL2) annou... READ MORE

April 9, 2021

Uranium Energy Corp Completes Financing and Reports Over $110 Million in Cash, Equity and Inventory Holdings as of April 9, 2021

Uranium Energy Corp (NYSE: UEC) is pleased to announce the closin... READ MORE

April 9, 2021

Copyright 2021 The Prospector News