Eloro Resources Ltd

Published : February 27th, 2007

Completes $500,000 Financing with MineralFields Group

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Eloro Resources Ltd. Press Release

Eloro Completes $500,000 Financing with MineralFields Group

 

Toronto, Canada: February 27, 2007 - Eloro Resources Ltd. (ELO: TSX Venture Exchange) (the "Company" or "Eloro") is pleased to announce that it has completed its previously announced non-brokered private placement (the "Private Placement") with the MineralFields Group of 625,000 Flow-Through Units (the "Units") issued on a "flow-through" basis under the Income Tax Act (Canada) at a price of 80 cents per Unit, for gross proceeds to the Company of $500,000. This represents the fourth "flow-through" private placement financing that Eloro has completed with the MineralFields Group, at price levels ranging from $0.17 to $0.80 for aggregate proceeds to Eloro totaling $2,750,000 since December 2005.

 
Each Flow-Through Unit consists of one common share (the "Common Shares") issued on a "flow-through" basis under the Income Tax Act (Canada) and one non-transferable share purchase warrant of the Company (the "Unit Warrants"). Each Unit Warrant has a term of 24 months (the "Term") and will entitle the holder to purchase one Common Share at a price of $1.25 per share in the first year of the Term and $2.00 in the second year of the Term. Pursuant to the Private Placement, if the average closing price of the Common Shares is over $1.45 for a period of 20 consecutive trading days (following the expiry of the hold period) in the first year of the Term, or $2.20 in the second year of the Term, the Unit Warrants must be exercised within ten business days of receiving written notice from Eloro or they are to be terminated.
 
All securities to be issued pursuant to this Private Placement are subject to a four-month hold period. In connection with the Private Placement, the Company paid a finder's fee to Limited Market Dealer Inc. ("LMD"), an arm's length party, equal to 5% of the completed Private Placement, and further, the Company issued 62,500 finder's fee share purchase warrants to LMD, entitling LMD to purchase 62,500 common shares of the Company on the same terms as the Unit Warrants.
 
The net proceeds of the Private Placement will be used to finance continued exploration programs at Eloro's Hurdman Zinc Silver Gold Property, located in northeastern Ontario.
 
About Eloro
 
Eloro Resources Ltd. is a junior exploration company focused on discovering and developing precious and base metal quality resources in the James Bay District of northern Quebec and the Timmins Camp of northern Ontario. Eloro currently has 19 gold-copper-silver and uranium properties covering 425 square kilometres in the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp's Eleonore Gold Prospect. Eloro has recently signed a Letter of Agreement with Virginia Mines Inc. ("Virginia"), allowing Eloro to acquire a 50% interest in three Virginia mineral properties consisting of 31 claims in the James Bay Mining District (refer to Eloro's press release dated November 23, 2006). In June 2006 Eloro signed a Letter of Agreement with IAMGOLD Corporation (formerly Cambior Inc.) allowing IAMGOLD to earn a 50% interest in the Lemoyne North, Sakami East and Ta�ga claim blocks, by spending C$ 2 million in exploration work on or before June 30, 2010 (refer to Eloro's press release dated June 8, 2006).
 

About MineralFields

 
MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar limited partnerships to investors throughout the world.  Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds.Information about MineralFields Group is available at www.mineralfields.com
 
For further information please contact:
 
Thomas G. Larsen, the President of Eloro, at (416) 868-9168.
 
ELO - TSX Venture Exchange
 
 
 
 

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

 

(Not for dissemination in the United States of America)

 

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Eloro Resources Ltd.. | 55 Adelaide Stret East | Suite 410 | Toronto | M5C 1K6 | Canada
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Eloro Resources Ltd

EXPLORATION STAGE
CODE : ELO.V
ISIN : CA2899002018
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Eloro Res. is a gold and copper exploration company based in Canada.

Eloro Res. holds various exploration projects in Canada.

Its main exploration properties are HURDMAN, SIMKAR, JAMES BAY URANIUM, LEMOYNE NORTH and SUMMIT-GABBRE in Canada.

Eloro Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 117.0 millions as of today (US$ 93.6 millions, € 82.0 millions).

Its stock quote reached its highest recent level on March 26, 2010 at CA$ 8.80, and its lowest recent point on November 07, 2014 at CA$ 0.04.

Eloro Res. has 31 040 000 shares outstanding.

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