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TORONTO, April 30, 2025 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (“Eloro& or the “Company&) (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce it is proceeding with a non-brokered private placement offering (the “Offering&) of up to 2,631,579 units of the Company (the “Units&) at a price of C$0.95 per Unit for aggregate gross proceeds of up to $2,500,000.
Each Unit will consist of one common share of the Company (each, a “CommonShare&) and one-half of one common share purchase warrant of the Company (each whole warrant, a “Warrant&). Each Warrant will entitle the holder thereof to acquire one Common Share (each, a “Warrant Share&) at an exercise price of C$1.40, at any time on or before the date which is 36 months following the Closing Date (as herein defined).
In connection with the Offering, the Company may pay cash finder&s fees and advisory fees to certain arm&s length parties.
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 Offering is scheduled to close on May 2, 2025 (the “Closing Date&), or such other date as the Company shall determine. Closing 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.
All securities issued pursuant to the Offering will be subject to a hold period of four months plus a day from the date of issuance.
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.SecuritiesAct&) 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 precious and base-metal properties in Bolivia, Peru and Québec. Eloro has an option to acquire a 100% 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. An NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro&s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the La Arena Gold Mine.
For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.
Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company&s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company (forward-looking statements in this news release include, without limitation, statements regarding the closing of the Offering, the anticipated Closing Date of the Offering, and the intended use of proceeds from the Offering). There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information. The Company does not intend to update any such forward-looking information, except in accordance with applicable laws.
