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Highlights
Eloro Resources has doubled its private placement to C$10,000,400, with Red Cloud Securities Inc. as sole underwriter and bookrunner.
The Offering includes 8,696,000 units at C$1.15 per unit, each with one share and one-half of a warrant exercisable at C$1.60 for 36 months.
Proceeds will be used for exploration and development at the Iska Iska project in Bolivia, as well as for corporate purposes and working capital.
Eloro Resources Ltd. (TSX:ELO) has announced an increase in the size of its previously disclosed “bought deal” private placement. The Company confirmed that gross proceeds have doubled from C$5,000,200 to C$10,000,400, following heightened investor participation.
Details of the Upsized Offering
The revised underwritten private placement will see Red Cloud Securities Inc., acting as sole underwriter and bookrunner, purchase for resale a total of 8,696,000 units of the Company at an offering price of C$1.15 per Unit.
Each Unit will comprise one common share in Eloro and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share of Eloro at a price of C$1.60. The warrants will remain valid for a 36-month period from the closing date of the offering.
In addition, Eloro has granted Red Cloud an option to acquire up to an additional 1,740,000 Units at the same offering price. If exercised in full, the option would generate further gross proceeds of approximately C$2,001,000. This option can be exercised up to 48 hours prior to the closing date of the offering. Collectively, the upsized private placement and the securities related to the option are referred to as the “Offering.”
Planned Use of Proceeds
The Company stated that the net proceeds will be directed primarily towards exploration and development work at the Iska Iska project, located in southern Bolivia. Funds will also be applied to general corporate purposes and working capital requirements, as outlined in the amended offering document filed by Eloro.
The Offering is expected to close on September 4, 2025, or on another mutually agreed date between the Company and Red Cloud. Completion is subject to standard closing conditions, including receipt of required approvals from the Toronto Stock Exchange.
About Eloro Resources
Eloro Resources Ltd. is a Canadian exploration and mine development company with a portfolio of precious and base metal assets across Bolivia, Peru, and Quebec. Its primary focus is the Iska Iska Property, situated in Bolivia’s Potosi Department. The property is described as a polymetallic epithermal-porphyry complex, a significant deposit type that has been the subject of extensive exploration activity. Eloro holds an option to acquire a 100% interest in this highly prospective project.
