Business
Eloro Resources Announces Closing of $2.5 Million Non-Brokered Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION...
About this update from Eloro Resources Ltd.
[{"type":"text","content":"Eloro Resources Announces Closing of $2.5 Million Non-Brokered Private Placement\n\n\n\n NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.\n \n\n TORONTO, May 02, 2025 (GLOBE NEWSWIRE) --\n \n Eloro Resources Ltd. (“Eloro” or the “Company”) (TSX: ELO; OTCQX: ELRRF; FSE: P2QM)\n \n is pleased to announce the closing of its previously announced non-brokered private placement offering (the “\n \n Offering\n \n ”) for aggregate gross proceeds of $2.5 million. Under the Offering, the Company sold an aggregate of 2,631,578 units of the Company (the “\n \n Units\n \n ”) at a price of C$0.95 per Unit.\n \n\n Each Unit consists of one common share of the Company (each, a “\n \n C\n \n\n o\n \n\n mm\n \n\n o\n \n\n n\n \n\n Sh\n \n\n ar\n \n\n e\n \n ”) and one-half of one common share purchase warrant of the Company (each whole warrant, a “\n \n Warr\n \n\n a\n \n\n n\n \n\n t\n \n ”). Each Warrant will entitle the holder thereof to acquire one Common Share (each, a “\n \n Warrant Share\n \n ”) at an exercise price of C$1.40, at any time on or before May 2, 2028.\n \n\n In connection with the Offering, the Company paid $75,000 in finder’s fees and $100,000 in advisory fees to certain arm’s length parties.\n \n\n 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.\n \n\n All securities issued pursuant to the Offering are subject to a hold period of four months plus a day from the date of issuance. Completion of the Offering is subject to final approval of the Toronto Stock Exchange.\n \n\n 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 “\n \n U\n \n\n .\n \n\n S\n \n\n .\n \n\n S\n \n\n e\n \n\n c\n \n\n uri\n \n\n t\n \n\n ies\n \n\n Ac\n \n\n t\n \n ”) 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 reg...