By Sheri Kasprzak
New York, June 14 - Eloro Resources Ltd. negotiated a C$1 million private placement.
The non-brokered offering includes up to 2,222,222 flow-through units at C$0.45 each.
The units consist of one share and one warrant. Each warrant is exercisable at C$0.75 for the first year and at C$1.00 for the second year.
The expiry of the warrants may be accelerated to 10 days if the stock trades above C$1.00 for 20 consecutive trading days during the first year or at C$1.25 for 20 consecutive trading days for the second year.
Proceeds will be used for exploration on the company's projects in the James Bay district of Quebec and its Hurdman zinc-silver-gold property in Ontario.
Toronto-based Eloro is a mineral exploration and development company.
| Issuer: | Eloro Resources Ltd.
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| Issue: | Units of one flow-through share and one warrant
|
| Amount: | C$1 million
|
| Units: | 2,222,222
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| Price: | C$0.45
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.75 for the first year; C$1.00 for the second year
|
| Placement agent: | Non-brokered
|
| Pricing date: | June 14
|
| Stock symbol: | TSX Venture: ELO
|
| Stock price: | C$0.40 at close June 13
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