Early Warning Report Issued Pursuant to National Instrument 62-103 IN Relation to Eloro Resources Ltd.
NEWS RELEASE
EARLY WARNING REPORT ISSUED PURSUANT TO
NATIONAL INSTRUMENT 62-103 IN RELATION TO
ELORO RESOURCES LTD.
TORONTO (CANADA), November 26, 2019 – Thomas G. Larsen (the “Acquiror”)
announces that on November 26, 2019, he acquired 400,000 units “(Units”) of Eloro
Resources Ltd. (“Eloro”), with each Unit consisting of one common share (“Common
Share”) and one half of one warrant (each whole a “Warrant”), pursuant to a private
placement of $0.25 Units by Eloro.
Prior to the Acquisition, the Acquiror owned directly and indirectly and or controlled
4,154,664 Common Shares of Eloro and 76,250 warrants (exerciseable into 76,250
additional Common Shares), representing 4,230,914 Common Shares or
approximately 11.5% of the issued and outstanding common shares of Eloro, on a
partially diluted basis, assuming the exercise of the 76,250 warrants. Immediately after
the Acquisition, the Acquiror owns directly and indirectly and or controls 4,554,664
Common Shares and 276,250 warrants (exerciseable into 276,250 additional Common
Shares), representing 4,830,914 Common Shares or approximately 12.7% of the
issued and outstanding Common Shares of Eloro, on a partially diluted basis,
assuming the exercise of the 276,250 warrants. The Acquirer previously filed an Early
Warning Report on May 3, 2018, and the Early Warning Report filed by the Acquiror
on November 26, 2019, reports an increase of greater than 2% in his holdings (owned
directly, indirectly and/or controlled) than what was reported in the May 3, 2018 filing.
The Eloro common shares were acquired for investment purposes and the right has
been reserved to acquire additional securities of Eloro. Depending upon an evaluation
of the business, prospects and financial condition of Eloro, the market for Eloro’s
securities, general economic and tax conditions and other factors, the Acquiror and/or
joint actors may acquire more securities of Eloro and/or may sell holdings of Eloro
securities. Further details regarding the early warning report may be obtained from an
Early Warning Report filed in respect of this transaction under Eloro’s profile on
www.sedar.com.
For further information please contact Jorge Estepa, Vice-President of Eloro
Resources Ltd., at (416) 868-9168.
The statements made in this news release that are not historical facts are "forward-
looking statements" and readers are cautioned that any such statements are not
guarantees of future performance, and that actual developments or results, may vary
materially from those in these "forward-looking" statements.