Eloro Resources Announces Upsize to Previously Announced Bought Deal Financing to $6.0 Million
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TSX Symbol: ELO www.elororesources.com
Eloro Resources Announces Upsize to Previously Announced Bought Deal Financing to $6.0 Million
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Toronto, Ontario – July 28, 2023 – Eloro Resources Ltd. (the “Company” or “Eloro”) (TSX: ELO; OTCQX: ELRRF; FSE:
P2QM) is pleased to announce that it has amended the terms of its previously announced bought deal financing to
increase the size of the offering to $6.0 million (the “Upsized Offering”).
Under the terms of the Upsized Offering, Haywood Securities Inc. and Cantor Fitzgerald Canada Corporation, as co-
lead underwriters and joint-bookrunners (collectively, the “Underwriters”), have agreed to purchase, on a bought deal
basis, 1,905,461 units (the “Units”) at a price of $3.15 per Unit (the “Issue Price”) for gross proceeds to the Company
of $6,002,202.
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
$4.25 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 same 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 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 placeme nt 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 about August 3, 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 TSX Venture
Exchange and the securities regulatory authorities.
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 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
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 100% 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 Bolivi a. 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 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 material ly from those anticipated in such statements. Readers should not place
undue reliance on forward-looking information.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts
responsibility for the adequacy or accuracy of this release.