Eloro Resources Announces C$5,002,200 Bought Deal Financing

About this update from Eloro Resources Ltd.

[{"type":"text","content":" TORONTO, July 27, 2023 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (“Eloro” or the “Company”) (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce that it has entered into an agreement with Haywood Securities Inc. to act as co-lead underwriter and joint bookrunner, together with Cantor Fitzgerald Canada Corporation as co-lead underwriter and joint bookrunner and a syndicate of underwriters (collectively, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 1,588,000 units of the Company (the “Units”) at a price of C$3.15 per Unit (the “Issue Price”) for gross proceeds to the Company of C$5,002,200 (the “Offering”). Each Unit will consist of one common share in the capital of the Company (a “Common Share”) and one-half of one common share purchase warrant (each whole purchase warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share (a “Warrant Share”) at a price of C$4.25 for a period of 24 months from the Closing Date (as hereinafter defined). Additionally, the Company has agreed to grant to the Underwriters an option, exercisable at any time, in whole or in part, until the date that is 30 days following the closing of the Offering, to purchase up to an additional 15% of the number of Units sold under the Offering at a price per Unit equal to the Issue Price, on the same terms and conditions as the Offering. The net proceeds from the Offering will be used for exploration and development at the Company’s projects in Bolivia and Peru, and for general working capital and corporate purposes. The Units will be offered by way of a prospectus supplement to the Company’s base shelf prospectus, dated May 11, 2022, to be filed with the securities commissions and other similar regulatory authorities in each of the provinces of Canada, except Québec. The Units may also be sold to U.S. buyers on a private placement basis pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act’) and applicable state securities laws, and to residents in other jurisdictions outside of Canada, provided that no prospectus filing or comparable obligation arises . The Offering is scheduled to close on or about August 3, 2023 and is subject to certain conditions including, but not...

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