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TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (“Eloro” or the “Company”) (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce it is proceeding with a non-brokered private placement offering (the “Offering”) of up to 2,631,579 units of the Company (the “Units”) at a price of C$0.95 per Unit for aggregate gross proceeds of up to $2,500,000.
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Each Unit will consist of one common share of the Company (each, a “Common
Share”) and one-half of one common share purchase warrant of the Company (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share (each, a “Warrant Share”) at an exercise price of C$1.40, at any time on or before the date which is 36 months following the Closing Date (as herein defined).
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In connection with the Offering, the Company may pay cash finder’s fees and advisory fees to certain arm’s length parties.
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The Company intends to use the net proceeds from the Offering for continued exploration and development of the Iska Iska project, and general corporate purposes and working capital.
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The Offering is scheduled to close on May 2, 2025 (the “Closing Date”), or such other date as the Company shall determine. Closing of the Offering is subject to certain conditions including, but not limited to the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.
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All securities issued pursuant to the Offering will be subject to a hold period of four months plus a day from the date of issuance.
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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 news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
English (US)