07:42 AM EDT, 08/22/2025 (MT Newswires) -- Eloro Resources ( ELRRF ) on Friday entered into an agreement with Red Cloud Securities pursuant to which Red Cloud has agreed to buy for resale 4.3-million units of the company at $1.15 apiece on a bought deal basis in a private placement for $5 million.

Each unit will consist of one common share and one-half of one three-year warrant to buy a share for $1.60. The company will grant to Red Cloud an option, exercisable up to 48 hours prior to the closing date, expected on September 4, to buy for resale up to an additional 870,000 units at $1.60 for about $1 million.

Eloro intends to use proceeds of the offering for continued exploration and development of the Iska Iska project in southern Bolivia as well as general corporate purposes and working capital needs.

Shares of the company closed down 1.5% to $1.33 on Thursday on the Toronto Stock Exchange.