08:55 AM EDT, 09/30/2024 (MT Newswires) -- Eloro Resources ( ELRRF ) on Monday said it has received a lead order from its largest shareholder and strategic investor, Crescat Capital, in connection with a $2.7 million non-brokered private placement of up to 3 million units at $0.90 each.

Proceeds will be used to develop the Iska Iska project in Bolivia.

Each unit will consist of one common share and half a warrant. Each 2-year warrant allows the owner to buy an additional share at $1.50.

"Iska Iska is one of the most significant silver-base metal discoveries globally in recent years," said Quinton Hennigh, technical and geologic advisor to Crescat Capital. "Although we are currently in a time when capital available to the mining industry is constrained, it is critical to see projects like this move forward."