By Devika Patel
Knoxville, Tenn., Nov. 9 - Eloro Resources Ltd. announced a private placement of flow-through units with MineralFields Group for C$3 million.
The company will sell 5 million flow-through units at C$0.60 per unit. Each unit consists of one flow-through share and one half-share warrant.
Each whole two-year warrant will be exercisable at C$0.90 for the first year and at C$1.10 thereafter, unless the average closing price of Eloro's shares is over C$1.10 in the first year or C$1.30 in the second year for 20 consecutive trading days. In that case, the warrants must be exercised within 10 business days of receiving written notice from Eloro.
Proceeds will be used for exploration.
Eloro is a mineral exploration company based in Toronto.
| Issuer: | Eloro Resources Ltd.
|
| Issue: | Flow-through units of one share and one half-share warrant
|
| Amount: | C$3 million
|
| Units: | 5 million
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.90 the first year, C$1.10 thereafter
|
| Investor: | MineralFields Group
|
| Pricing date: | Nov. 9
|
| Stock symbol: | TSX Venture: ELO
|
| Stock price: | C$0.55 at close Nov. 8
|
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