Eloro Resources Ltd

Published : May 09th, 2016

Eloro Resources Announces $350,000 Financing

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Keywords :   Canada | Gold | Mines | Peru | Water |

Eloro Resources Announces $350,000 Financing

Toronto, Canada, April 29, 2016 -- Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) ('Eloro' or the 'Corporation') is pleased to announce that it is proceeding with a non-brokered private placement (the 'Private Placement') of up to 2,058,824 units of Eloro at a price of $0.17 per unit ('Units') for proceeds of up to $350,000.

Each Unit will consist of one Common Share and one half of one Common Share purchase warrant (a 'Warrant'). Each whole Warrant will entitle the holder to purchase one Common Share at a price of $0.30 per share for a term of 24 months following the closing of the Private Placement.

The proceeds of the Private Placement will be used for working capital purposes and to finance exploration efforts on Eloro's optioned and wholly-owned properties. The Private Placement is subject to approval by the TSX Venture Exchange. Certain directors and officers of the Corporation will participate in the Private Placement. All securities issued pursuant to the Private Placement will be subject to the applicable statutory four month hold period.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold properties in Peru and base-metal properties in northern and western Quebec. Eloro has been granted an option to acquire a 60% interest in La Victoria property, located in the North-Central Mineral Belt of Peru. The La Victoria Property is free of royalties and consists of two adjacent, but not contiguous, properties totalling eight mining concessions encompassing approximately 35 square kilometres. The La Victoria Property is within 50 kilometres of several producing mines, with three producers visible from the property, which has good infrastructure with road-access and nearby sources of water and electricity.

For further information please contact Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Corporation's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Corporation. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Canada | Peru | All
Gold and Silver Prices for these countries : Canada | Peru | All

Eloro Resources Ltd

EXPLORATION STAGE
CODE : ELO.V
ISIN : CA2899002018
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Eloro Res. is an exploration gold and copper 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$ 7.4 millions as of today (US$ 5.6 millions, € 5.1 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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Annual reports of Eloro Resources Ltd
Annual report 2007
Option Grants of Eloro Resources Ltd
4/1/2011Retains European Investor Relations Firm
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5/9/2016Eloro Resources Announces $350,000 Financing
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10/8/2015Eloro Extends Rufina East and West Mineralized Zones
8/28/2015Eloro Resources Announces Financing and Proposed Shares-for-...
8/12/2015Eloro Reports Assays from Rufina East New Mineralized Zone C...
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2/27/2015Eloro Resources Grants Stock Options
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9/20/2007Retains AGORACOM to Provide Online Investor Relations and So...
7/5/2007Acquires Otish Uranium Properties Near Strateco's Matoush Di...
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