Eloro Resources Announces Brokered Private Placement for Gross Proceeds of up to C$5.0 Million
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TORONTO, March 27, 2025 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (TSX:ELO, OTCQX:ELRRF, FSE: P2QM)) ("Eloro" or the "Company") is pleased to announce that it has entered into an agreement with Red Cloud Securities Inc., to act as lead agent and sole bookrunner on behalf of a syndicate of agents (collectively, the "Agents"), in connection with a best efforts private placement (the "Marketed Offering") for aggregate gross proceeds of up to C$5,000,000 from the sale of up to 5,263,158 units of the Company (the "Units") at a price of C$0.95 per Unit (the "Offering Price").
Each Unit will consist of one common share of the Company (each, a "Unit Share") and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a "Warrant Share") at a price of C$1.40 at any time on or before that date which is 36 months after the Closing Date (as herein defined).
The Agents will have an option, exercisable in full or in part, up to 48 hours prior to the Closing Date, to sell up to an additional 1,052,632 Units at the Offering Price for up to an additional C$1,000,000 in gross proceeds (the "Agents' Option", and together with the Marketed Offering, the "Offering").
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions ("NI 45-106"), up to 5,894,737 Units that may be sold under the Offering (the "LIFE Units") will be offered for sale to purchasers in all of the provinces of Canada other than Québec (the "Canadian Selling Jurisdictions") pursuant to the ...
