On May 19, 2022, Eloro Resources Ltd. closed a bought deal financing of 3,007,710 units at a price of $3.25 per unit for gross proceeds of approximately $9.8 million, which includes the full exercise of the underwriter’s over-allotment option. Each unit consists of one common share in the capital of Eloro and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire an additional common share at a price of $4.75 for a period of 24 months following the closing of the financing.
The offering was led by Cormark Securities Inc.
Cassels acted for Cormark.