05 Jan 2021 Eloro Resources Closes C$6.3 Million Bought Deal Financing
Toronto, Canada, January 5, 2021 – Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce that it has closed its previously announced bought deal financing, including the exercise in full of the over-allotment option, of 4,080,660 units of the Company (“Units”) at a price of C$1.55 per Unit (the “Issue Price”) for aggregate gross proceeds to the Company of C$6,325,023 (the “Offering”).
Each Unit consists 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 is 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 Offering.
The Offering was underwritten on a bought deal basis by a syndicate of underwriters led by Haywood Securities Inc. (“Haywood”) and including Echelon Wealth Partners Inc. (together with Haywood, the “Underwriters”).
The Company intends to use the majority of the net proceeds from the Offering for continued exploration of the Company’s Iska Iska project in Bolivia.
In connection with the Offering, the Underwriters received a cash commission equal to 7.0% of the gross proceeds of the Offering and that number of non-transferable compensation options (the “Compensation Options”) equal to 7.0% of the aggregate number of Units sold under the Offering. Each Compensation Option is exercisable into one Common Share at the Issue Price for a period of 24 months from the closing date of the Offering.
The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Tartisan Nickel Corp.
Tartisan Nickel Corp. is a Canadian based mineral exploration and development company which owns; the Kenbridge Nickel Project in northwestern Ontario; the Sill Lake Silver Property in Sault Ste. Marie, Ontario as well as the Don Pancho Manganese-Zinc-Lead-Silver Project in Peru. The Company has an equity stake in; Eloro Resources Limited, Class 1 Nickel and Technologies Limited and Peruvian Metals Corp.
Tartisan Nickel Corp. common shares are listed on the Canadian Securities Exchange (CSE:TN; OTC:TTSRF; FSE:A2D). Currently there are 104,329,132 shares outstanding (110,431,458 fully diluted).
For further information, please contact Mark Appleby, President & CEO and a Director of the Company, at 416-804-0280 (firstname.lastname@example.org). Additional information about Tartisan
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in suchstatements.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.