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  • Eloro Resources (ELO) has closed a C$25 million bought deal financing
  • The company sold 6,670,000 units at C$3.75 per unit for gross proceeds of C$25,012,500
  • Each unit consists of one Eloro common share and one-half of one common share purchase warrant
  • Each warrant is exercisable to acquire one Eloro common share for C$5.25 for 24 months from the closing of the offering
  • Eloro will use the proceeds for continued exploration and development of its Iska Iska project in Bolivia
  • Eloro develops a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec
  • Eloro Resources (ELO) is up 6.44 per cent and is currently trading at C$3.80 per share

Eloro Resources (ELO) has closed a C$25 million bought deal financing.

The company sold 6,670,000 units at C$3.75 per unit for gross proceeds of C$25,012,500.

Each unit consists of one Eloro common share and one-half of one common share purchase warrant. Each warrant is exercisable to acquire one Eloro common share for C$5.25 for 24 months from the closing of the offering.

Eloro intends to use the proceeds for continued exploration and development of its Iska Iska project in Bolivia.

The company has 51,000 m of diamond drilling planned for the balance of 2021 and Q1 2022. This figure includes 6,000 m already budgeted and 45,000 m to be funded from the offering.

The company expects four surface drill rigs to be operating by July 2021 with expected production of 6,000 m per month. This drilling will explore and define a mineral resource in the following breccia pipes: Santa Barbara, Central, Porco South and Huayra Kasa.

Eloro also intends to pay US$2.5 million from the offering toward the US$1o million option price under agreement to acquire 99 per cent of the Iska Iska Project.

Haywood Securities, Cantor Fitzgerald Canada and Cormark Securities underwrote the offering on a bought deal basis.

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

Eloro Resources (ELO) is up 6.44 per cent and is currently trading at C$3.80 per share as of 11:01 am ET.

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