Eloro Resources Completes Financing
Eloro Resources Completes Financing
Toronto, Canada, May 20, 2020 – Eloro Resources Ltd . (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 2,200,000 un its of Eloro at a price of $0.25 per unit (“Units”) for
gross proceeds of $550,000.
Each Unit consists of one 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 18 months, expiring November 20, 2021.
In connection with the Private Placement, arm’s len gth finders received as compensation 7% cash
commissions aggregating $5,687.50 and 22,750 finder’s warrants entitling the holders to purchase 22,750
Eloro common shares at a price of $0.50 per share for a term of 18 months.
The proceeds of the Private Placement will be used for working capital purposes and to fund exploratio n
at its properties. Directors and officers of the Co rporation subscribed for 245,000 units for proceeds of
$61,250. The Private Placement is subject to final approval by the TSX Venture Exchange. All securitie s
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 has completed a NI 43-101 Technical
Report on Iska Iska, which 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 concessions 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 al titude
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.
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 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 result s and future events could differ materially from th ose
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.
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