TORONTO, ONTARIO--(Marketwired - May 6, 2015) - Eloro Resources Ltd. (TSX VENTURE:ELO)(FRANKFURT:P2Q) ("Eloro") is pleased to announce that it is proceeding with a non-brokered private placement (the "Private Placement") of up to 4,000,000 units of Eloro at a price of $0.15 per unit ("Units") for proceeds of up to $600,000.
Each Unit will consist of one common share ("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 $0.25 per share for a term of 18 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 La Victoria Polymetallic Project in Ancash, Peru. The Private Placement is subject to all regulatory approval including that of the TSX Venture Exchange. 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 and base-metal properties in northern and western Quebec. Eloro has been granted an option to acquire a 50% interest in the La Victoria Polymetallic Property, located in the north-central mineral belt of Peru. The La Victoria Polymetallic Property is free of royalties and comprises nine mining concessions in two adjacent, non-contiguous blocks, encompassing approximately 35 square kilometres. The La Victoria Polymetallic Property is ideally situated with good road access, and nearby water and electricity sources. The Property is situated at altitudes ranging from 3,100 m to 4,300 m.
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 Company's plans, estimates, forecasts, projections, expectations and beliefs as to future events or results, and are believed to be reasonable, based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate, as 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 TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.