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Eloro Resources Closes C$9.775 Million Bought Deal Financing
TORONTO, May 19, 2022 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (the “Company” or “Eloro”) (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce that it h
About this update from Eloro Resources Ltd.
[{"type":"text","content":" TORONTO, May 19, 2022 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (the “Company” or “Eloro”) (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce that it has closed its previously announced bought deal financing of 3,007,710 units of the Company (the \"Units\") at a price of C$3.25 per Unit for gross proceeds to the Company of C$9,775,057.50 (the \"Offering\"). The Offering was underwritten on a bought deal basis by Cormark Securities Inc. as underwriter (the “Underwriter”), pursuant to an underwriting agreement dated May 16, 2022 between the Company and the Underwriter. Haywood Securities Inc. participated as a special selling group member in connection with the Offering. The Offering included the exercise in full by the Underwriter of the over-allotment option granted by the Company pursuant to the terms of the Offering. Each Unit consists of one common share in the capital of the Company (each a “Common Share”) and one-half of one Common Share purchase warrant of the Company (each whole warrant, a “Warrant”). Each Warrant entitles the holder to acquire an additional Common Share at a price of C$4.75 for a period of 24 months following the closing of the Offering. The securities issued under the Offering were qualified for distribution pursuant to a prospectus supplement dated May 16, 2022 (the “Supplement”) to the Company’s short form base shelf prospectus dated May 11, 2022. The net proceeds from the Offering will be used for continued exploration and development of the Company’s Iska Iska project in Bolivia, as further set out in the Supplement filed on the Company’s SEDAR profile at www.sedar.com. In connection with the Offering, the Company paid the Underwriter a cash commission equal to 6% of the gross proceeds of the Offering (for a total cash commission of C$586,503.45) and issued to the Underwriter and its selling group members that number of non-transferable compensation options (the “Compensation Options”) equal to 6% of the aggregate number of Units sold under the Offering (for a total of 180,462 Compensation Options). Each Compensation Option entitles the holder to acquire one Common Share at a price of C$3.25 per Common Share for a period of 24 months following the closing of the Offering. The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933...