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Eloro Resources Announces Upsized Bought Deal Financing To C$8.5 Million
Eloro Resources Announces Upsized Bought Deal Financing To C$8.5 Million Canada...
About this update from Eloro Resources Ltd.
[{"type":"text","content":"\n \n \n \n Eloro Resources Announces Upsized Bought Deal Financing To C$8.5 Million\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO\n \n THE UNITED STATES\n \n ./\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n May 13, 2022\n \n \n /CNW/ - Eloro Resources Ltd. (the \"\n \n Company\n \n \" or \"\n \n Eloro\n \n \") (TSXV: ELO) (OTCQX: ELRRF) (FSE: P2QM) is pleased to announce that in connection with its previously announced bought deal financing, the Company and Cormark Securities Inc., (the \"\n \n Underwriter\n \n \") have agreed to increase the size of the previously announced financing. The Underwriter has agreed to purchase, on a bought deal basis, 2,615,400 units of the Company (the \"\n \n Units\n \n \") at a price of\n \n C$3.25\n \n per Unit for gross proceeds to the Company of approximately\n \n C$8.5 million\n \n (the \"\n \n Offering\n \n \"). Each Unit will consist of one common share in the capital of the Company (each a \"\n \n Common Share\n \n \") and one-half of one common share purchase warrant (each whole warrant, a \"\n \n Warrant\n \n \") of the Company. Each Warrant shall entitle the holder to acquire an additional Common Share at a price of\n \n C$4.75\n \n for a period of 24 months following the closing of the Offering.\n \n \n The Company has agreed to grant the Underwriter an option (the \"\n \n Over-Allotment Option\n \n \") to sell an additional 392,310 Units, such option being exercisable in whole or in part at any time prior to the date that is 30 days after the closing of the Offering, to cover over-allotments, if any, and for market stabilization purposes. In the event that the Over-Allotment Option is exercised in full, the aggregate gross proceeds of the Offering to the Company will be approximately\n \n C$9.775 million\n \n .\n \n \n The net proceeds from the Offering will be used for exploration a...