Eloro Resources Announces C$10 Million Bought Deal Financing
Eloro Resources Announces C$10 Million Bought Deal Financing
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION,
DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES.
TORONTO, January 19, 2023 – Eloro Resources Ltd. (the “Company” or “Eloro”) (TSX-V: ELO; OTCQX:
ELRRF; FSE: P2QM) is pleased to announce that it has entered into an agreement with Cantor Fitzgerald
Canada Corporation (“Cantor”) to act as sole underwriter (the “Underwriter”), pursuant to which the Underwriter
has agreed to purchase, on a bought deal basis, 3,200,000 units (the “Units”) at a price of C$3.15 per Unit (the
“Issue Price”) for gross proceeds to the Company of C$10,080,000 (the “Offering”).
Each Unit will consist of one common share (a “Common Share”) in the capital of the Company and one-half
(1/2) of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”) of
the Company. Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share”) at a price
per Warrant Share of C$4.25 for a period of 24 months from the closing date of the Offering.
In addition, the Company has agreed to grant to the Underwriter an option to purchase up to an additional 15%
of the number of Units sold under the Offering at a price per Unit equal to the Issue Price, on the same terms
and conditions as the Offering, exercisable at any time, in whole or in part, until the date that is 30 days following
the closing of the Offering.
The net proceeds from the Offering will be used for exploration and development at the Company’s projects in
Bolivia, and for general working capital and corporate purposes as set out in the Prospectus Supplement
(defined below).
The Units will be offered by way of a prospectus supplement (the “Prospectus Supplement”) to the Company’s
existing base shelf prospectus in all of the provinces of Canada (other than the Province of Quebec). The
Prospectus Supplement (together with the related base shelf prospectus) will be available on SEDAR at
www.sedar.com.
The Offering is scheduled to close on or about January 27, 2023 and is subject to certain conditions including,
but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the
TSXV.
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. Securities Act”) 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 press release shall not constitute an offer to sell or the solicitation of an offer to buy
securities in the United States, nor there be any sale of these 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 gold and base-metal properties in
Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska
Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit
20 Adelaide Street East, Suite 200, Toronto, Ontario CANADA M5C 2T6 Tel.: (416) 868-9168
TSX.V Symbol: ELO www.elororesources.com
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type in the Potosi Department, in southern Bolivia. A recent 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 Barrick’s Lagunas
Norte Gold Mine and Pan American Silver’s 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 such as the closing of the Offering, use of proceeds, and TSXV approval, 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. 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.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this release.