Eloro Resources Announces Proposed Financing
Eloro Resources Announces Proposed Financing
Toronto, Canada, June 2, 2020 – Eloro Resources Ltd . (TSX-V: ELO; FSE: P2Q) (“ Eloro ” or the
“Corporation ”) is pleased to announce a proposed non-brokered p rivate placement (the “Private
Placement”) of up to 5,000,000 units of Eloro at a price of $0.30 per unit (“Units”) for proceeds of u p to
$1,500,000.
Each Unit will consist of one common share (“Common Share”) and one half of one Common Share
purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder to purchase one Common Share
at a price of $0.50 per share for a term of 24 months following the closing of the Private Placement.
In the event that any subscriber (“Subscriber”) pur chases 4,500,000 Units pursuant to the Private
Placement, the Corporation will grant to such Subsc riber a right and option to participate in any priv ate
placement offering of Common Shares (whether or not any warrants are attached thereto) to subscribe for
a sufficient number of Common Shares to maintain the Subscriber’s then applicable percentage holding of
Common Shares (the “Anti-dilution Right”), such Anti-dilution Right to be exercisable until seven days prior
to the closing date of the applicable private placement offering and such Anti-dilution Right to expire three
years from the closing date of the proposed Private Placement.
The proceeds of the Private Placement will be used for working capital purposes and to fund exploratio n
efforts on Eloro’s optioned and wholly-owned proper ties. The Private Placement is subject to approval by
the TSX Venture Exchange. Directors and/or officers of the Corporation will be participating in the Pr ivate
Placement. All securities issued pursuant to the Private Placement will be subject to the applicable statutory
four-month hold period.
About Eloro Resources Ltd.
Eloro is an exploration and mine development compan y 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 I ska
Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral
deposit type in the Potosi Department, in southern Bolivia. Eloro recently commissioned a NI 43-101
Technical Report on Iska Iska, which was completed by Micon International Limited and 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/S ilver 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. La Victoria consists of eight mining concessi ons and eight mining claims encompassing
approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and
electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.
For further information please contact either Thoma s G. Larsen, President and CEO or Jorge
Estepa, Vice-President at (416) 868-9168.
Caution regarding Forward-Looking Information
Information in this news release may contain forwar d-looking information. Statements containing forwar d
looking information express, as at the date of this news release, the Corporation’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 Corporation including the size and other te rms
of the Private Placement. There can be no assurance that statements of forward-looking information wil l
20 Adelaide Street East, Suite 200, Toronto, Ontari o CANADA M5C 2T6 Tel.: (416) 868-9168 Fax: (416) 3 61-1333
TSX.V Symbol: ELO www.elororesources.com
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.