Elcora Resources Closes $700,000 Tranche 1 of Private Placement

About this update from Elcora Advanced Materials Corp.

[{"type":"text","content":"Elcora Resources Closes $700,000 Tranche 1 of Private Placement(via Thenewswire.ca)\n \n \nCOLOMBO, SRI LANKA / TNW-ACCESSWIRE / August 27, 2014 / Troy Grant, President and CEO of ELCORA RESOURCES CORP. (TSXV : ERA), (the \"Company\" or \"Elcora\"), is pleased to announce:\n\n \n \nPrivate Placement Tranche #1 Closes\n\n \n \nThe Company has closed the first tranche of its non-brokered private placement of up to $1,500,000 (4,285,714 Units) at a price of $0.35 per Unit.\n\n \n \nTranche 1 totals 1,993,929 Units to 23 placees grossing $697,875 to treasury. Each unit is comprised of one common share and one share purchase warrant, with each share purchase warrant exercisable until February 16, 2016 at an exercise price of $0.43 per share. The shares and any shares issued pursuant to an exercise of the share purchase warrants are subject to a 4-month hold period expiring December 16, 2014. In connection with the private placement commissions of 6% totaling $40,078 will be paid and 8% agents' warrants (152,680 warrants) will be issued. The agents' warrants are exercisable at $0.43/share until February 16, 2016.\n\n \n \nThe Company continues to seek further financing to complete the proposed 1,500,000 total private placement. \n\n \n \nThe net proceeds from tranche #1 of the private placement will be used for general working capital including advancing the Company's Sakura graphite project in Sri Lanka.\n\n \n \nThe private placement is subject to regulatory approval.\n\n \n \nFor further information please visit the company's website at http://www.elcoraresources.com\n\n \n \nFor further information please contact: Troy Grant, Director, President and CEO, Elcora Resources Corp., T: 902 802-8847 F: 902 446-2001.\n\n \n \nCAUTIONARY STATEMENT:\n\n \n \nThe TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock Exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain \"forward-looking statements\". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Elcora, are forward-looking statements that involve various ...

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