Eloro Resources Announces Closing of Bought Deal LIFE Private Placement for Gross Proceeds of C$17 Million

Executive Summary

• Eloro Resources Ltd. closed its previously announced bought‑deal private placement, raising C$17,000,360 in gross proceeds, including full exercise of the over‑allotment option.
• The offering consisted of 6,538,600 common shares sold at C$2.60 per share, with underwriters receiving cash fees and 392,316 non‑transferable broker warrants.
• Net proceeds are earmarked for continued exploration and development of the Iska Iska project in southern Bolivia, as well as general corporate purposes and working capital.

Key Details

• Offering Size & Price – Gross proceeds of C$17,000,360; 6,538,600 common shares sold at C$2.60 each.
• Over‑Allotment – The over‑allotment option was exercised in full, adding to the total share count and proceeds.
• Underwriters – Red Cloud Securities Inc. and Cantor Fitzgerald Canada Corp. acted as co‑lead underwriters and joint bookrunners; Haywood Securities Inc. participated in the syndicate.
• Underwriter Compensation – Cash fees of C$1,020,021.60 plus 392,316 broker warrants (each exercisable for one common share at C$2.60, valid until 6 Mar 2028).
• Use of Proceeds – Funds will be used for:
• Ongoing exploration and development of the Iska Iska project (southern Bolivia)
• General corporate purposes
• Working capital needs
• Exemptions & Share Trading –
• 1,941,100 shares issued to Canadian investors under NI 45‑106 listed issuer financing exemption; immediately freely tradeable.
• Remaining shares issued to non‑Canadian investors under OSC Rule 72‑503; no four‑month hold period in Canada.
• Related Party Transaction – A significant shareholder (insider) participated, contributing C$2,501,200 of consideration (<25% of market cap); no formal valuation or minority‑shareholder approval required per MI 61‑101.
• Closing Conditions – Subject to final approval by the Toronto Stock Exchange.
• Regulatory Notices – Securities not registered in the United States; offering not an offer or solicitation under U.S. securities laws.

Notable Quotes

(No direct quotes were provided in the release.)