Eloro Resources Completes $1.5 Million Financing
Eloro Resources Completes $1.5 Million Financing
Toronto, Canada, June 10, 2020 – Eloro Resources Lt d. (TSX-V: ELO; FSE: P2Q) (“ Eloro ” or the
“Corporation ”) is pleased to announce it has completed a previo usly announced non-brokered private
placement (the “Private Placement”) of 5,000,000 un its of Eloro at a price of $0.30 per unit (“Units”) for
proceeds of $1,500,000.
Details of the Financing
Each Unit consists of one common share (“Common Share”) and one half of one Common Share purchase
warrant (a “Warrant”). Each whole Warrant entitles the holder to purchase one Common Share at a price
of $0.50 per share for a term of 24 months, expiring June 9, 2022. In connection with the Private Placement,
an arm’s length finder received as compensation a 7 % cash commission aggregating $2,100 and 7,000
finder’s warrants entitling the holder to purchase 7,000 Eloro Common Shares at a price of $0.50 per share
for a term of 24 months.
Subscribers to the Private Placement included two Crescat Capital (“Crescat”) portfolio funds who invested
a total of $1,350,000, by purchasing 4,500,000 Unit s. Crescat is a global macro asset management firm
headquartered in Denver, Colorado, which deploys tactical investment themes based on proprietary value-
driven equity and macro models. Crescat’s investment goals are to provide industry leading absolute and
risk-adjusted returns over complete business cycles with low correlation to common benchmarks and they
apply their investment process across a mix of asse t classes and strategies. Crescat is taking activis t
stakes in the precious metals exploration industry today as one of its key macro themes.
In connection with their purchase of 4,500,000 Unit s, Eloro granted Crescat the right and option to
participate in any private placement offering of Common Shares (whether or not any warrants are attached
thereto) to subscribe for a sufficient number of Co mmon Shares to maintain Crescat’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 on June 9, 2023.
The majority of the proceeds of the Private Placeme nt will be used to fund exploration efforts at Elor o’s
optioned Iska Iska Property in Bolivia. Proceeds wi ll additionally be utilized for working capital pur poses
and to fund efforts on Eloro’s wholly-owned Peruvia n properties. The Private Placement is subject to
approval by the TSX Venture Exchange. All securities issued pursuant to the Private Placement are subject
to the applicable statutory four-month hold period.
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 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/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. La Victoria consists of eight mining concessi ons and eight mining claims encompassing
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
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 terms
of the Private Placement. There can be no assurance that statements of forward-looking information wil l
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.