Eloro closes $14-million private placement

Executive Summary

• Eloro Resources Ltd. closed a bought‑deal private placement raising gross proceeds of $14,001,250, including full exercise of the overallotment option.
• The offering sold 12,175,000 units at $1.15 per unit; each unit contains one common share and half of a common‑share purchase warrant (full warrant exercisable at $1.60 until 4 Sept 2028).
• Net proceeds will be used to fund continued exploration and development of the Iska Iska project in southern Bolivia, as well as for general corporate purposes and working capital.

Key Details

• Units sold: 12,175,000 units @ $1.15 each → gross proceeds $14,001,250.
• Overallotment option: Fully exercised, included in the total unit count.
• Unit composition: 1 common share + ½ warrant (full warrant = right to purchase 1 common share at $1.60).
• Warrant terms: exercisable any time on or before 4 Sept 2028 at a price of $1.60 per share.
• Underwriter: Red Cloud Securities Inc., acting as sole underwriter and bookrunner.
• Underwriter compensation: Cash fees of $980,087.50 plus 852,250 non‑transferable common share purchase warrants (each warrant exercisable into one common share at the offering price, same expiry).
• Use of proceeds: Primarily for exploration and development of the Iska Iska project in Bolivia; remainder for general corporate purposes and working capital.
• Regulatory notes: Units issued to Canadian investors under NI 45‑106 listed issuer financing exemption; shares and warrants are freely tradable in Canada.
• Closing condition: Subject to final approval by the Toronto Stock Exchange.

Notable Quotes

(No executive quotes were provided in the release.)