Eloro Resources Ltd announced a non-brokered private placement to issue 3,300,0000 units at a issue price of CAD 1.20 per unit for a gross proceeds CAD 3,960,000 on March 13, 2024. Each unit will consist of one common share of the company and one common share purchase warrant of the company. Each warrant will entitle the holder thereof to acquire one common share at an exercise price of CAD 2, with the expiry date of each warrant being the date which is the earlier of two years following the date of the first closing under the offering, or two business days after completion of a Change of Control of the company; provided that in the event that the volume weighted average trading price of the common shares on the Toronto Stock Exchange is at least CAD 3.00 per share for a period of five consecutive trading days, the expiry date of the warrants may be accelerated by the company to a date that is not less than 30 days after the date of issuance by the company of a press release disclosing the occurrence of the Triggering Event.

The offering is expected to close on or about March 27, 2024, or such earlier or later date as Eloro may determine. Completion of the offering is subject to certain conditions including, but not limited to, a minimum of 2,800,000 units for gross proceeds of CAD 3,360,000 being sold under the offering, and the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.