Eloro Resources Completes C$14 Million Private Placement Success
Milestone Achievement for Eloro Resources
Eloro Resources Ltd. is excited to report the successful closure of its bought deal private placement, raising a significant total of C$14,001,250. This financing demonstrates strong investor confidence and provides critical funding for the Company's ongoing initiatives.
Details of the Private Placement Offering
The offering involved the sale of 12,175,000 units at an offering price of C$1.15 per unit. Each unit includes one common share and a half-share purchase warrant, with full warrants allowing the purchase of an additional common share at C$1.60, valid until September 4, 2028. This strategic move positions Eloro for further exploration and development.
Role of Red Cloud Securities
Red Cloud Securities Inc. acted as the sole underwriter and bookrunner for this offering, receiving finance-related fees amounting to C$980,087.50. Additionally, they obtained 852,250 broker warrants, enhancing their stake in this successful engagement.
Utilization of Proceeds
The funds raised from this private placement are earmarked for various vital initiatives, particularly focused on exploration and development efforts at the Iska Iska project located in southern Bolivia. This project is a polymetallic epithermal-porphyry complex with immense potential.
Compliance with Canadian Securities Laws
In adhering to National Instrument 45-106, units sold to Canadian investors are immediately tradeable in compliance with applicable Canadian securities regulations. This transparency assures investors of a seamless trading experience.
About Eloro Resources Ltd.
Eloro is an exploration and mine development company that holds a diverse portfolio of properties focusing on precious and base metals across Bolivia, Peru, and Quebec. Notably, the Iska Iska Property holds significant promise as a mineral deposit, bolstered by a completed NI 43-101 Technical Report. Their La Victoria Gold/Silver Project further solidifies Eloro's position within the competitive mining sector.
Contact Information
Individuals interested in learning more about the Company can reach out to Thomas G. Larsen, Chairman and CEO, or Jorge Estepa, Vice-President, at (416) 868-9168 for further information.
Frequently Asked Questions
What was the total amount raised in the private placement?
The private placement raised a total of C$14,001,250 for Eloro Resources Ltd.
Who acted as the underwriter for this private placement?
Red Cloud Securities Inc. was the sole underwriter and bookrunner for the offering.
What are the intended uses for the proceeds from the offering?
The proceeds will be used for exploration and development at the Iska Iska project and for general corporate purposes.
How many units were sold in the offering?
A total of 12,175,000 units were sold at a price of C$1.15 each.
Can the shares sold in Canada be traded freely?
Yes, the shares sold to Canadian purchasers are immediately tradable in accordance with Canadian securities laws.
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