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Eloro Resources Increases Non-Brokered Private Placement Offering Up to $3,510,000 and Announces Closing of First Tranche
TORONTO, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (“Eloro” or the “Company”) (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce that, in c
About this update from Eloro Resources Ltd.
[{"type":"text","content":" TORONTO, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (“Eloro” or the “Company”) (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce that, in connection with its previously announced non-brokered private placement offering (the “Offering”), the Company has increased the size of the Offering from up to 3,000,000 units of the Company at $0.90 per unit (the “Units”) for gross proceeds of up to $2,700,000, to up to 3,900,000 units of the Company for gross proceeds of up to $3,510,000. The Company also announces the first closing of the Offering whereby 1,397,119 Units have been issued for gross proceeds of $1,257,407. Each Unit consists of one common share of the Company (a “Common Share”) and one-half of one common share purchase warrant of the Company (each whole purchase warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of C$1.50, with the expiry date of each Warrant being two years following the date of the closing under the Offering. Completion of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange. 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. 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 “U.S. Securities Act”) 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 registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. 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 100% interest in the highly prospective Iska Iska project,...