Eros Resources Corp. (TSX-V: ROCK) (OTCQB: EROSF) is pleased to announce the closing of its private placement of C$2,077,500, which represents an oversubscription of $277,500 of the originally planned financing.

The Company has allotted and issued 41,550,000 units at a price of C$0.05 per Unit for gross proceeds of $2,077,500. Each Unit consists of one common share and one common share purchase warrant. Each Warrant is exercisable into one additional common share for three years from closing at an exercise price of C$0.075 per Warrant Share, subject to accelerated expiry.

In the event that, after the date that is four months from the date of issue of the Warrants, if the closing price of the Company’s common shares on the TSX Venture Exchange  or any other stock exchange on which the Company’s common shares are then listed, is at a price equal to or greater than $0.10 for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry date of the Warrants by issuing a press release announcing that the Warrants will expire at 5:00 p.m. (Vancouver time) on the date that is not less than 30 days from the date notice is given.

Management and Board, as insiders of the Company, has subscribed for an aggregate 5,800,000 Units for gross proceeds of $290,000. The issuance of the Units to the insiders is considered a related party transaction subject to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the participation by the insider will not exceed 25% of the fair market value of the Company’s market capitalization.

Pursuant to the Financing, the Company has paid finder’s fees of $14,000 to arm’s-length’s parties. The net proceeds from the Financing will be used by the Company for general working capital and exploration expenditures in Saskatchewan. The Financing is subject to final TSXV approval and all securities issued are subject to a four-month-and-one-day hold period.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Eros Resources Corp.

Eros Resources Corp. is a Canadian public mineral exploration company listed on the TSX Venture focused on the acquisition, exploration and development of mineral properties in Canada. The Company is advancing its gold and copper projects in Saskatchewan, including two gold properties in the prospective La Ronge Gold Belt totaling 35,175.6 hectares (86,920.8 acres), as well as the 100% owned Knife Lake copper project.