Aloro Announces Closing of First Tranche of Private Placement
May 9, 2023 TSX.V Symbol AORO
FRANKFURT Symbol 4LPP
ALORO ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE
PLACEMENT
ALORO MINING CORP. – (the “Company”) is pleased to announce that it has completed a first
tranche of its previously announced non-brokered private placement (the “Offering”), as described in
its News Release dated March 20, 2023, pursuant to which it has issued an aggregate of 2,600,000 units
(each, a “Unit”) at a price of $0.05 per Unit for gross proc eeds of $130,000. Each Unit consists of one
common share in the capital of the Company (each, a “ Share”) and one common share purchase
warrant (each, a “ Warrant”). Each Warrant is exercisable into on e additional Share at a price of $0.15
per Share for a period of two years from the closing date. The Company has received an extension from
the TSX Venture Exchange until May 18, 2023 to close a second tranche, which the Company expects to
close shortly.
The Company intends to use the proceeds from th e Offering for exploration work, including drilling
on its recently acquired Quitovac Mine Project, and for general working capital purposes.
The Company paid cash finder’s fee of $7,350 and issued 147,000 broker warrants (the “ Broker
Warrants”) to one finder in connection with the Offerin g. The Broker Warrants entitle the holder to
purchase one additional Share at a price of $0.05 for a period one year from the closing date.
The securities issued under the Offering, and the shares that may be issuable on exercise of the Warrants
and the Broker Warrants, are subject to a statutory hold period expiring four months and one day from
the date of closing.
None of the securities sold in connection with the Offering will be registered under the United States
Securities Act of 1933 , as amended, and no such securities may be offered or sold in the United States
absent registration or an applicable exemption from the registration requireme nts. This news release
shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Aloro Mining Corp.
Aloro controls the 2,643.82-hectare Quitovac Mine Project located in the prolific Mojave-Sonora
Megashear, where a large part of Mexico’s recent gold production is derived. Aloro also controls the
3,199- hectare Los Venados Project, which is located in the central part of the Mulatos Gold District and
is directly adjacent to the active Mulatos open pit mine of Alamos Gold Inc. The Los Venados is under
US $5,000,000 Option agreement to Alamos Gold Inc.
ALORO MINING CORP.
Per: “Thomas A. Doyle”
Thomas A. Doyle
President & CEO
http://www.aloromining.com/
For further information, please
contact:
Thomas A. Doyle
Phone: (604) 689-5722
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward ‐looking information which is subject to a variety of risks and uncertainties
and other factors that could cause actual events or re sults to differ from those projected in the forward ‐looking
statements. Forward looking statements in this press release include, but are not limited to, statements regarding
the Offering, closing thereof, and the an ticipated use of proceeds. These forward ‐looking statements are subject
to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially
from those projected in the forward‐looking information. Risks that could change or prevent these statements from
coming to fruition include, but are not limited to, the i nability of the Company to close further tranches of the
Offering, failure to receive final TSX Venture Exchange approval for the Offering, general business, economic
and social uncertainties, litigation, legislative, envir onmental and other judicial, regulatory, political and
competitive developments, and other risks outside of the Company’s control.