Eloro Resources Ltd.
TSX VENTURE : ELO
FRANKFURT : P2Q

Eloro Resources Ltd.

November 24, 2011 16:23 ET

Eloro Resources Announces Closing of A Private Placement

TORONTO, ONTARIO--(Marketwire - Nov. 24, 2011) - Eloro Resources Ltd. (TSX VENTURE:ELO)(FRANKFURT:P2Q) ("Eloro") is pleased to announce that it has closed a private placement financing of 1,700,000 units ("Units") at a price of $0.12 per Unit for gross proceeds of $204,000.

Each Unit is comprised of one Common Share and one half of one Common Share purchase warrant (the "Warrants"). Each whole Warrant entitles the holder to purchase one Common Share of the Company at a price of $0.24 per share for a term of 18 months provided that, if the average closing price for the Common Shares on the TSX Venture Exchange ("TSXV") is at least $0.36 per share for 20 consecutive trading days (following the expiry of the four month hold period), the Warrants will expire unless they are exercised within ten business days (or such longer period of time as the Company may provide) after the Company provides notice to accelerate the expiry date.

The net proceeds from the private placement will be used to finance exploration at the Simkar Gold Property near Val d'Or, Quebec (the "Simkar Property") and for general corporate purposes. All the securities issued pursuant to the private placement are subject to a four (4) month hold period. The private placement remains subject to TSXV final acceptance.

About Eloro Resources Inc.

Eloro Resources is an exploration and mine development company with a portfolio of gold and base metal properties in northern and western Quebec. The Company is focussed on expanding the historic gold resources at the past-producing Simkar Mine property. Eloro plans to pursue exploration work at Simkar with the objective to outline quality gold resources in an established mining camp.

Information in this news release respecting the financing and the use of the proceeds therefrom constitutes forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the companies' plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the company. Forward-looking statements and information are based on assumptions that financing and personnel will be available when required and on reasonable terms, and all necessary regulatory approvals will be obtained, none of which are assured and each of which is subject to a number of other risks and uncertainties. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Eloro Resources Ltd.
    Thomas G. Larsen
    President and CEO
    (416) 868-9168

    Eloro Resources Ltd.
    Jorge Estepa
    Vice-President
    (416) 868-9168
    www.elororesources.com