Eloro Resources Announces Upsize to Previously Announced Bought Deal Financing to C$5.5 Million
20 Adelaide Street East, Suite 200, Toronto, Ontario CANADA M5C 2T6 Tel.: (416) 868-9168 Fax: (416) 361 -1333
TSX.V Symbol: ELO www.elororesources.com
Eloro Resources Announces Upsize to Previously Announced Bought Deal Financing to C$5.5 Million
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OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
Toronto, Ontario – December 9, 2020 – Eloro Resourc es Ltd. (the “Company” or “Eloro”) (TSX-V: ELO; OTC QX:
ELRRF; FSE: P2QM) is pleased to announce that it ha s amended the terms of its previously announced bou ght deal
financing to increase the size of the offering to C$5.5 million (the “Upsized Offering”).
Under the terms of the Upsized Offering, a syndicate of underwriters led by Haywood Securities Inc. (“Haywood”), and
including Echelon Wealth Partners Inc. (together wi th Haywood, the “Underwriters”) have agreed to purc hase, on a
bought deal basis, 3,548,400 units (the “Units”) at a price of C$1.55 per Unit (the “Issue Price”) for gross proceeds to
the Company of C$5,500,020.
Each Unit will consist of one common share (a “Comm on Share”) in the capital of the Company and one-ha lf (1/2) of
one common share purchase warrant (each whole commo n share purchase warrant, a “Warrant”) of the Compa ny.
Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share”) at a price per Warrant Share of
C$2.00 for a period of 24 months from the closing date of the Upsized Offering.
In addition, the Company has agreed to grant to the Underwriters an option to purchase up to an additional 15% of the
number of Units sold under the Upsized Offering at a price per Unit equal to the Issue Price, on the s ame terms and
conditions as the Upsized Offering, exercisable at any time, in whole or in part, until the date that is 30 days following
the closing of the Upsized Offering.
The net proceeds from the Upsized Offering will be used for exploration and development at the Company ’s projects
in Bolivia and Peru, and for general working capital and corporate purposes.
The Units will be offered by way of a short form prospectus to be filed in all provinces of Canada, except Québec. The
Units will also be sold to U.S. buyers on a private placement basis pursuant to an exemption from the registration
requirements in Rule 144A of the United States Securities Act of 1933, as amended, and other jurisdictions outside of
Canada provided that no prospectus filing or comparable obligation arises.
The Upsized Offering is scheduled to close on or ab out December 30, 2020 and is subject to certain con ditions
including, but not limited to, the receipt of all n ecessary regulatory and other approvals including t he approval of the
TSX Venture Exchange and the securities regulatory authorities.
In connection with the Upsized Offering, the Underwriters will receive a cash commission of 7.0% of the gross proceeds
of the Upsized Offering and that number of non-transferable compensation options (the “Compensation Options”) as is
equal to 7.0% of the aggregate number of Units sold under the Upsized Offering. Each Compensation Opti on is
exercisable into one Common Share at the Issue Price for a period of 24 months from the closing date of the Upsized
Offering.
The securities offered in the Upsized 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 an y 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
Eloro is an exploration and mine development compan y with a portfolio of gold and base-metal propertie s 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 type in the Potosi Department,
in southern Bolivia. Eloro 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/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 L a Arena
Gold Mine. La Victoria consists of eight mining con cessions and eight mining claims encompassing appro ximately 89
square kilometres. La Victoria has good infrastruct ure 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, Chairman and CEO or Jorge Estepa, Vice -
President at (416) 868-9168.
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 re lease, the Company’s plans, estimates, forecasts, p rojections,
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 f rom those anticipated in such statements. Readers s hould not place
undue reliance on forward-looking information.
Neither the TSXV nor its Regulation Services Provid er (as that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release.