Eloro Resources Announces up to C$3.96 Million Non-Brokered Prospectus Exempt Offering Pursuant to the Listed Issuer Exemption

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TORONTO, March 13, 2024 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (“Eloro” or the “Company”) (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce a non-brokered prospectus exempt offering (the “Offering”) of up to 3,300,000 units of the Company at a price of C$1.20 per Unit for gross proceeds of up to C$3,960,000, pursuant to the listed issuer financing exemption available under Part 5A of National Instrument 45-106 – Prospectus Exemptions (the “Listed Issuer Exemption”). There is an offering document relating to the Offering that can be accessed under the Company’s profile at www.sedarplus.ca and at www.elororesources.com. Prospective investors should read this offering document before making an investment decision.

Each Unit will consist of one common share of the Company (a “Common Share”) and one common share purchase warrant of the Company (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of C$2.00, with the expiry date of each Warrant being the date which is the earlier of (a) two years following the date of the first closing under the Offering, or (b) two business days after completion of a Change of Control of the Company; provided that in the event that the volume weighted average trading price of the Common Shares on the Toronto Stock Exchange is at ‎‎least C$3.00 per share for a period of five consecutive trading days (the “Triggering ‎Event”), the expiry date of the Warrants may be ‎accelerated by the Company to a date that is not less than 30 days after the date of issuance by the Company of a press release disclosing the occurrence of the ‎Triggering Event.

The Company intends to use the net proceeds from the Offering for (a) a property option payment with respect to the Iska Iska project, (b) continued exploration and development of the Iska Iska project, and (c) general corporate purposes and working capital.

The Offering is expected to close on or about March 27, 2024, or such earlier or later date as Eloro may determine. Completion of the Offering is subject to certain conditions including, but not limited to, a minimum of 2,800,000 Units for gross proceeds of C$3,360,000 (or such greater amount as Eloro may determine) being sold under the Offering, and the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.