Aloro Mining closes $130,000 first tranche of financing
2023-05-09 15:50 ET - News Release
Mr. Thomas Doyle reports
ALORO ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT
Aloro Mining Corp. has completed a first tranche of its previously announced non-brokered private placement, as described in its news release dated March 20, 2023, pursuant to which it has issued an aggregate of 2.6 million units at a price of five cents per unit for gross proceeds of $130,000. Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant is exercisable into one additional share at a price of 15 cents per share for a period of two years from the closing date. The company has received an extension from the TSX Venture Exchange until May 18, 2023, to close a second tranche, which the company expects to close shortly.
The company intends to use the proceeds from the offering for exploration work, including drilling on its recently acquired Quitovac mine project, and for general working capital purposes.
The company paid a cash finder's fee of $7,350 and issued 147,000 broker warrants to one finder in connection with the offering. The broker warrants entitle the holder to purchase one additional share at a price of five cents for a period one year from the closing date.
The securities issued under the offering and the shares that may be issuable on exercise of the warrants and the broker warrants are subject to a statutory hold period expiring four months and one day from the date of closing.
About Aloro Mining Corp.
Aloro controls the 2,643.82-hectare Quitovac mine project, located in the prolific Mojave-Sonora Megashear, where a large part of Mexico's recent gold production is derived. Aloro also controls the 3,199-hectare Los Venados project, which is located in the central part of the Mulatos gold district and is directly adjacent to the active Mulatos open-pit mine of Alamos Gold Inc. The Los Venados is under a $5-million (U.S.) option agreement to Alamos Gold.