Eloro Resources Upsizes Bought Deal Financing To C$8.5M

Eloro Resources Ltd. ELO ELRRF and Cormark Securities Inc. have agreed to increase the size of the previously announced financing.
The underwriter has agreed to purchase, on a bought deal basis, 2.61 million units at C$3.25 per unit for gross proceeds of ~C$8.5 million.
Each unit consists of one common share and one-half of one common share purchase warrant. Each Warrant shall entitle the holder to acquire an additional common share at C$4.75.
Underwriter granted an option to sell an additional 392,310 units. If exercised in full, the aggregate gross proceeds of the offering will be ~C$9.775 million.
The company plans to use offering net proceeds for the exploration and development of the projects in Bolivia and Peru and for general working capital and corporate purposes as set out in the Prospectus Supplement.
The offering is scheduled to close on or about May 19, 2022.
Price Action: ELO shares are trading lower by 2.87% at C$3.39 on TSXV, and ELRRF is lower by 0.56% at $2.64 on the last check Friday.