| ELORO COMPLETES FINANCING |
Toronto, Canada: September 30, 2005 – Eloro Resources Ltd. (ELO.H: NEX) (the “Company” or “Eloro”) is pleased to announce that it has completed its previously announced brokered private placement (the “Private Placement”) through Northern Securities Inc. (“Northern”) of 888,665 flow-through units (“ FT Units”) of the Company at a price of $0.15 per FT Unit for gross proceeds of $133,299.75 and 3,473,898 non-flow through units (“Units”) of the Company at a price of $0.12 per Unit for gross proceeds of $416,867.76. Each FT Unit consists of one common share issued on a “flow through” basis under the Income Tax Act (Canada), and one-half of one common share purchase warrant of the Company (the “Warrants”) Each whole Warrant entitles the holder thereof to purchase one common share of the Company at a price of $0.18 at any time on or before two years from the closing date of the Private Placement. Each Unit consists of one common share of the Company and one-half of one Warrant of the Company. In aggregate the total gross proceeds of the Private Placement amount to $550,167.51. The common shares and the Warrants to be issued pursuant to the Private Placement will be subject to a hold period which expires January 30, 2006.
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Eloro Resources Ltd. 30 Sep 2005 - 09:00 |
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