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Eloro Resources Ltd. (TSX.V: ELO) (OTCQX: ELRRF) (FSE: P2QM) Announces Successful Capital Raising; Net Proceeds Will Be Destined Towards Ongoing Bolivian Mining Operations

  • Eloro Resources announced the successful completion of its primary share issuance in late January, 2023
  • The placement, which comprised of over 3.4 million primary shares issued at a price of c$3.15, raised gross proceeds of approximately C$10.9mn
  • The proceeds will be destined to Eloro’s ongoing Bolivian mining operations as well as general corporate purposes
  • Eloro Resources is set to disclose its initial resource estimates for its flagship Iska Iska Project in coming months

Eloro Resources (TSX.V: ELO) (OTCQX: ELRRF) (FSE: P2QM), an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec, announced that it had successfully concluded its previously announced, fully-underwritten primary share placement on January 27th, 2023. The offering, which consisted in Eloro issuing 3,466,540 primary shares at a price of C$3.15 per share, raised total gross proceeds of C$10,919,570; the figure also includes shares granted as part of the over-allotment option granted to underwriters. The offering was led by Cantor Fitzgerald Canada Corporation as lead underwriter and sole bookrunner, with Cormark Securities Inc., Haywood Securities Inc., National Bank Financial Inc., Scotia Capital Inc., and Stifel Nicolaus Canada Inc forming pact of the underwriting syndicate (https://ibn.fm/Z1K1u).

In addition to the successful completion of the deal, Eloro Resources simultaneously revealed that two company directors had participated in the bookbuild process, subscribing for the equivalent of C$147,420 in new shares. The related party transaction will drive insider ownership of the company’s free float to…

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NOTE TO INVESTORS: The latest news and updates relating to ELRRF are available in the company’s newsroom at https://ibn.fm/ELRRF

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