By Laura Lutz
Des Moines, Nov. 7 - Eloro Resources Ltd. announced a private placement of flow-through units with MineralFields Group for C$1 million.
MineralFields agreed to buy 1,538,461 units of one flow-through share and one non-transferable warrant at C$0.65 per unit.
Each warrant will be exercisable for two years, at C$0.95 in the first year and C$1.20 in the second year. Expiry of the warrants may be accelerated to 10 days if the average closing price of the company's shares exceeds C$1.15 for 20 consecutive days in the first year or exceeds C$1.40 for 20 days in the second year.
Proceeds of the non-brokered placement will be used for exploration at Eloro's projects in the James Bay District of northern Quebec and at the company's Hurdman zinc-silver-gold property in northeastern Ontario.
Eloro is a mineral exploration company based in Toronto.
| Issuer: | Eloro Resources Ltd.
|
| Issue: | Units of one flow-through share and one non-transferable warrant
|
| Amount: | C$1 million
|
| Units: | 1,538,461
|
| Price: | C$0.65
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.95 in the first year; C$1.20 in the second year
|
| Investor: | MineralFields Group
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 7
|
| Stock symbol: | TSX Venture: ELO
|
| Stock price: | C$0.55 at close Nov. 7
|
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