
10 Dec 2020 Eloro Resources Announces Upsize to Previously Announced Bought Deal Financing to C$5.5 Million
TORONTO, Dec. 09, 2020 (GLOBE NEWSWIRE) – Eloro Resources Ltd. (the “Company” or “Eloro”) (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce that it has amended the terms of its previously announced bought deal financing to increase the size of the offering to C$5.5 million (the “Upsized Offering”).
Under the terms of the Upsized Offering, a syndicate of underwriters led by Haywood Securities Inc. (“Haywood”), and including Echelon Wealth Partners Inc. (together with Haywood, the “Underwriters”) have agreed to purchase, on a bought deal basis, 3,548,400 units (the “Units”) at a price of C$1.55 per Unit (the “Issue Price”) for gross proceeds to the Company of C$5,500,020.
Each Unit will consist of one common share (a “Common Share”) in the capital of the Company and one-half (1/2) of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”) of the Company. Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share”) at a price per Warrant Share of C$2.00 for a period of 24 months from the closing date of the Upsized Offering.