Eloro Resources Announces Proposed C$1.5 Million Financing

About this update from Eloro Resources Ltd.

[{"type":"text","content":" TORONTO, June 02, 2020 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro” or the “Corporation”) is pleased to announce a proposed non-brokered private placement (the “Private Placement”) of up to 5,000,000 units of Eloro at a price of $0.30 per unit (“Units”) for proceeds of up to $1,500,000. Each Unit will consist of one common share (“Common Share”) and one half of one Common Share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder to purchase one Common Share at a price of $0.50 per share for a term of 24 months following the closing of the Private Placement. In the event that any subscriber {“Subscriber”) purchases 4,500,000 Units pursuant to the Private Placement, the Corporation will grant to such Subscriber a right and option to participate in any private placement offering of Common Shares (whether or not any warrants are attached thereto) to subscribe for a sufficient number of Common Shares to maintain the Subscriber’s then applicable percentage holding of Common Shares (the “Anti-dilution Right”), such Anti-dilution Right to be exercisable until seven days prior to the closing date of the applicable private placement offering and such Anti-dilution Right to expire three years from the closing date of the proposed Private Placement. The proceeds of the Private Placement will be used for working capital purposes and to fund exploration efforts on Eloro’s optioned and wholly-owned properties. The Private Placement is subject to approval by the TSX Venture Exchange. Directors and/or officers of the Corporation will be participating in the Private Placement. All securities issued pursuant to the Private Placement will be subject to the applicable statutory four-month hold period. About Eloro Resources Ltd. Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro recently commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and is available on Eloro’s website and under its filings on SEDAR. Iska Iska is ...

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