🕐26.01.15 - 22:27 Uhr
ELORO RESOURCES CLOSES SHARES-FOR-DEBT TRANSACTIONS
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Press Release
For Immediate Release
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Eloro Resources Closes Shares-for-Debt Transactions
Toronto, Canada, January 26, 2015 - Eloro Resources Ltd.
(TSX-V: ELO; FSE: P2Q)
("Eloro" or the "Corporation") is pleased to report that it has completed the previously
announced shares-for-debt transactions (the "Transactions") whereby Eloro issued
5,810,000 common shares ("Common Shares") (of which 950,000 were issued to insiders
of the Corporation) at a price of $0.05 per share in connection with the repayment
of unsecured loans made to Eloro.
The Transactions were undertaken by Eloro in order
to conserve capital and improve the Corporations balance sheet while global financial
markets remain turbulent and financing junior exploration companies remains difficult.
The Transactions created a new "Control Person" pursuant to applicable securities
legislation as Eloro issued Cartier Iron Corporation ("Cartier") 4,760,000 Common
Shares at a deemed price of $0.05 per share in connection with the settlement of
$238,000 in unsecured loans made by Cartier to Eloro.
Additionally, the following is a breakdown of the debt settled with each related
party ("Related Party"), and the number of Common Shares issued to each of them:
Name of Insider (Related Party)
Relationship to the Corporation
Loan Amount Settled
($)
Shares Issued as Payment
(#)
Thomas Larsen
Director and Officer
10,000
200,000
Miles Nagamatsu
Officer
10,000
200,000
Jorge Estepa
Officer
10,000
200,000
Alexander Horvath
Director and Officer
10,000
200,000
Duster Capital Corp.
Private corporation controlled by Dusan Berka, a Director of the Corporation
5,000
100,000
Martin Bourgoin
Officer
2,500
50,000
In accordance with the policies of the TSX Venture Exchange ("TSXV"), disinterested
shareholder approval was obtained at an Eloro Special Shareholders Meeting held
on January 22, 2015 for both the creation of a new Control Person and the issuance
of the Common Shares to insiders who are deemed to be Related Parties.
All of the
securities issued by Eloro pursuant to the Transactions are subject to a 4-month
hold period, expiring on May 27, 2015.
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About Eloro Resources Ltd.
Eloro Resources is an exploration and mine development company with a portfolio
of gold and base-metal properties in Peru and northern and western Quebec.
The Company
recently entered into an agreement granting it an option to acquire a 50% interest
in La Victoria property, located in the North-Central Mineral Belt of Peru.
For further information please contact Jorge Estepa, Vice-President at (416) 868-9168.
Information in this news release may contain forward-looking information.
Statements
containing forward-looking information express, as at the date of this news release,
the Companys 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.
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.
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Eloro Resources Ltd.
| 20 Adelaide Street East | Suite 200 | Toronto | ON | M5C 2T6 | Canada