Eros Announces First Quarter Results and Extends and Reprices Private Placement Financing
NEWS RELEASE
NR: 17-06
May 31, 2017
Eros Announces First Quarter Results and Extends and
Reprices Private Placement Financing
Vancouver, BC (May 31, 2017) Eros Resources Corp. (TSX.V: ERC ) (“ Eros ” or the
Company ”) is pleased to announce its first quarter, 2017 r esults. Comprehensive income for
the period totaled $1.2 million or $0.02 per share primarily due to a realized gain on the sale
of marketable securities of $853,559 and an unreali zed gain on the value of its available for
sale, marketable securities of $885,359. At March 31, 2017 the Company had working
capital of $4.1 million and an additional mark-to-m arket value of C$8.5 million in marketable
securities. The full first quarter Financial State ments and Management’s Discussion and
Analysis are available at www.sedar.com and at the Company’s website
www.erosresourcescorp.com .
During the quarter the Company advanced $1.6 millio n to fund the drilling of three vertical
wells into the Flaxcombe heavy oil field owned and operated by Westcore Energy Ltd. Drilling
is now scheduled to begin in early June. According to the terms of the agreement with
Westcore, Eros will hold a 90% working interest in the wells until its investment is recovered
and will hold a 50% interest thereafter. In additi on, Eros retains a right of first refusal to
participate on the same terms on two subsequent drill programs on the Flaxcombe field.
The Company has elected to reprice its private plac ement financing for gross proceeds of up
to $1.5 million, previously announced on April 12, 2017. The company will now issue up to
9.4 million units prices at $0.16 (down from $0.18/ unit) subject to TSX Venture Exchange
approval. Each unit will consist of one common shar e and one half of one share purchase
warrant, with each full warrant entitling the holde r to acquire one additional common share at
an exercise price of $0.25 for a period of 2 years from the closing date and $0.30 for an
additional year, up to 3 years from the closing dat e. The closing of the private placement is
expected to occur on or about June 9, 2017.
Certain directors, officers or other insiders of th e Company may participate in the Private
Placement and, collectively, their participation ma y exceed 25% of the total amount of the
financing.
All of the securities issued under this financing w ill be subject to a hold period of 4 months
and one day from the closing date of the offering. Finders' fees may be payable to qualified
finders in accordance with applicable regulations.
Funds from this financing will be used for general working capital purposes.
About Eros
Eros Resources Corp. is a well-financed Canadian pu blic company focused on the
exploration and development of resource projects in North America. Eros also holds an
investment portfolio which includes 48 million shar es of Skeena Resources Ltd., which is
advancing exploration on 3 exciting projects, Spect rum-GJ, Snip and the past-producing
Porter Idaho silver mine in the Golden Triangle of the Stikine Arch of northwestern British
Columbia. In February, Eros purchased an interest in three wells planned to be drilled into
the Flaxcombe oil field in Saskatchewan. Under the deal, Eros will hold a 90% interest until
its $1.6 million investment is recovered and therea fter will share a 50% interest with the
operator, Westcore Energy Ltd.
On behalf of the Board of Directors of
Eros Resources Corp. ,
Ron Stewart
President & CEO
Cautionary note regarding forward-looking statement s
Certain statements made and information contained h erein may constitute “forward looking information” and
“forward looking statements” within the meaning of applicable Canadian and United States securities le gislation,
including, among other things, information with res pect to this presentation. These statements and information
are based on facts currently available to the Compa ny and there is no assurance that actual results wi ll meet
management’s expectations. Forward-looking stateme nts and information may be identified by such terms as
“anticipates”, “believes”, “targets”, “estimates”, “plans”, “expects”, “may”, “will”, ”until”, “could” or “would”.
Forward-looking statements and information containe d herein are based on certain factors and assumptio ns
regarding, among other things, the estimation of mi neral resources and reserves, the realization of re source and
reserve estimates, metal prices, taxation, the esti mation, timing and amount of future exploration and
development, capital and operating costs, the avail ability of financing, the receipt of regulatory app rovals,
environmental risks, title disputes and other matte rs. While the Company considers its assumptions to be
reasonable as of the date hereof, forward-looking s tatements and information are not guarantees of fut ure
performance and readers should not place undue impo rtance on such statements as actual events and resu lts
may differ materially from those described herein. The Company does not undertake to update any forwar d-
looking statements or information except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this release.