By Devika Patel
Knoxville, Tenn., Nov. 13 - Eloro Resources Ltd. announced it plans to conduct a C$1 million non-brokered private placement of units.
The company will sell up to 1,083,333 flow-through units at C$0.60 per unit for C$649,999.80. Each flow-through unit consists of one flow-through share and one half-share warrant.
Each whole two-year flow-through unit 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 more than C$1.10 in the first year or C$1.30 in the second year for 20 consecutive trading days. In that case, the flow-through unit warrants must be exercised within 10 business days of receiving written notice from Eloro.
The company also will sell up to 636,363 units at C$0.55 per unit for C$349,999.65. Each unit consists of one common share and one half-share warrant.
Each whole two-year unit warrant will be exercisable at C$0.80 for the first year and at C$1.00 thereafter, unless the average closing price of Eloro's shares is more than C$1.00 in the first year or C$1.20 in the second year for 20 consecutive trading days. In that case, the unit warrants must be exercised within 10 business days of receiving written notice from Eloro.
Proceeds will be used for exploration and working capital.
Eloro is a mineral exploration company based in Toronto.
| Issuer: | Eloro Resources Ltd.
|
| Issue: | Flow-through units of one flow-through share and one half-share warrant, units of one common share and one half-share warrant
|
| Amount: | C$1 million
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 13
|
| Stock symbol: | TSX Venture: ELO
|
| Stock price: | C$0.48 at close Nov. 13
|
|
|
| Flow-through units
|
| Amount: | C$649,999.80
|
| Units: | 1,083,333
|
| 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
|
|
|
| Units
|
| Amount: | C$349,999.65
|
| Units: | 636,363
|
| Price: | C$0.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.80 the first year, C$1.00 thereafter
|
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