Eloro Resources Announces Further Upsize of Bought Deal LIFE Private Placement for Gross Proceeds of C$11.0 Million

Eloro Resources Announces Further Upsize of Bought Deal LIFE Private Placement for Gross Proceeds of C$11.0 Million

Benzinga
August 27, 2025

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TORONTO, Aug. 27, 2025 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (TSX:ELO, OTCQX:ELRRF, FSE: P2QM)) ("Eloro" or the "Company") is pleased to announce that further to its press releases dated August 22, 2025 and as a result of strong investor demand, the Company has further increased the gross proceeds of its previously announced "bought deal" private placement (the "Underwritten Offering") from C$10,000,400 to C$11,000,900. Pursuant to the upsized Underwritten Offering, Red Cloud Securities Inc. ("Red Cloud"), as sole underwriter and bookrunner, has agreed to purchase for resale 9,566,000 units of the Company (the "Units") at a price of C$1.15 per Unit (the "Offering Price").

Each Unit will consist of one common share of the Company (each, a "Unit Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a "Warrant Share") at a price of C$1.60 at any time on or before that date which is 36 months after the Closing Date (as herein defined).

The Company will grant to Red Cloud an option, exercisable up to 48 hours prior to the Closing Date, to purchase for resale up to an additional 2,609,000 Units at the Offering Price for additional gross proceeds of up to C$3,000,350 (the "Over-Allotment Option"). The Underwritten Offering and the securities issuable upon exercise of the Over-Allotment Option shall be collectively referred to as the "Offering". If the Over-Allotment Option is exercised in full, the aggregate gross proceeds of the Offering will be C$14,001,250.

The Company intends to use the net proceeds of the Offering for continued exploration and development of the Iska Iska project in southern ...

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