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  • Eloro Resources (ELO) is pleased to announce the full exercise of the over-allotment option of their previously announced bought deal financing
  • The over-allotment option provided the Underwriters with an option to purchase up to an additional 870,000 units at C$3.75 per unit
  • Units are exercisable at any time, in whole or in part, until 30 days following the closing of the financing
  • The financing is scheduled to close on or about March 26, 2021
  • Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec
  • Eloro Resources (ELO) is up 0.28 per cent, trading at C$3.55 per share at 2:15 pm ET

Eloro Resources (ELO) is pleased to announce the full exercise of the over-allotment option of their previously announced bought deal financing.

Underwriters included Haywood Securities Inc., Cantor Fitzgerald Canada Corporation and Cormark Securities Inc.

The over-allotment option provided the Underwriters with an option to purchase up to an additional 870,000 units at C$3.75 per unit.

Units are exercisable at any time, in whole or in part, until 30 days following the closing of the financing.

The financing is scheduled to close on or about March 26, 2021.

With the exercise of the over-allotment option, the total number of units to be sold will be 6,670,000 for total gross proceeds of C$25,012,500.

Each unit will consist of one common share and one-half of one common share purchase warrant.

Each warrant can be exercised for one common share for C$5.25 for a period of 24 months from the closing date of the financing.

The expiry date of the warrants may be accelerated at any time following the six-month anniversary of the closing date of the financing by issuing a press release to announce the reduced warrant term. The warrants would expire on the 20th calendar day following the date of the press release.

Proceeds will be used mainly for continued exploration and development of the company’s Iska Iska project in Bolivia.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec.

Eloro Resources (ELO) is up 0.28 per cent, trading at C$3.55 per share at 2:15 pm ET.

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