Eloro Resources Announces Upsize to Previously Announced Bought Deal Financing to $6.0 Million

About this update from Eloro Resources Ltd.

[{"type":"text","content":" TORONTO, July 28, 2023 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (the “Company” or “Eloro”) (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce that it has amended the terms of its previously announced bought deal financing to increase the size of the offering to $6.0 million (the “Upsized Offering”). Under the terms of the Upsized Offering, Haywood Securities Inc. and Cantor Fitzgerald Canada Corporation, as co-lead underwriters and joint-bookrunners (collectively, the “Underwriters”), have agreed to purchase, on a bought deal basis, 1,905,461 units (the “Units”) at a price of $3.15 per Unit (the “Issue Price”) for gross proceeds to the Company of $6,002,202. Each Unit will consist of one common share (a “Common Share”) in the capital of the Company and one-half (1/2) of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”) of the Company. Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share”) at a price per Warrant Share of $4.25 for a period of 24 months from the closing date of the Upsized Offering. In addition, the Company has agreed to grant to the Underwriters an option to purchase up to an additional 15% of the number of Units sold under the Upsized Offering at a price per Unit equal to the Issue Price, on the same terms and conditions as the Upsized Offering, exercisable at any time, in whole or in part, until the date that is 30 days following the closing of the Upsized Offering. The net proceeds from the Upsized Offering will be used for exploration and development at the Company’s projects in Bolivia, and for general working capital and corporate purposes. The Units will be offered by way of a short form prospectus to be filed in all provinces of Canada, except Québec. The Units will also be sold to U.S. buyers on a private placement basis pursuant to an exemption from the registration requirements in Rule 144A of the United States Securities Act of 1933, as amended, and other jurisdictions outside of Canada provided that no prospectus filing or comparable obligation arises. The Upsized Offering is scheduled to close on or about August 3, 2023 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange and the securities regulatory...

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