Eloro Resources Closes Shares-for-Debt Transaction
Eloro Resources Closes Shares-for-Debt Transaction
Toronto, Canada, October 15, 2018 – Eloro Resources Ltd. (TSX -V: ELO; FSE: P2Q) (“Eloro” or the
“Corporation”) announces that it has completed the previously announced shares-for-debt transaction
(the “Shares-for-Debt Transaction”) with insiders of the Corporation who are related parties , whereby
Eloro issued 962,000 Common Shares at a price of $0. 50 per Common S hare to settle debts of
$481,000. The transaction is bein g undertaken by Eloro in order to conserve capital and improve the
Corporation’s balance sheet while financing junior exploration companies remains difficult.
In accordance with the policies of the TSX Venture Exchange, disinterested shareholder approval was
obtained at an Eloro Annual and Special Share holders Meeting held on September 28, 2018. The
securities issued by Eloro pursuant to the Shares-for-Debt Transaction are subject to a 4 -month hold
period, expiring February 16, 2019.
About Eloro Resources Ltd.
Eloro is an exploration and mine development company with a portfo lio of gold and base-metal properties
in Peru and Quebec. Eloro owns a 90% 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 Tahoe's
La Arena Gold Mi ne. La Victoria consists of eight mining concessions and eight mining claims
encompassing approximately 89 square kilometres. The property has good infrastructure with access to
road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea
level.
For further information please contact Thomas G. Larsen, Chairman and C.E.O. of Eloro
Resources Ltd., or Jorge Estepa, Vice-President of Eloro Resources Ltd. 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 Corporation's plans, estimates,
forecasts, projections, expectations, or beliefs as to future events or results and are believ ed to be
reasonable based on information currently available to the Corporation. 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 st atements. 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 rele ase.
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