Newsletter recv'd from ELO Eloro January Corporate Update
Activity in the James Bay Region....
The New Year has certainly started off on the right foot in the James Bay region of Quebec!
At the end of 2005, Eloro announced the closing of a $390,000 in Flow-Through financing to further exploration on its James Bay, Quebec and Ontario properties. The MineralFields Group, a Toronto based flow-through investment fund company, participated in this financing, investing $250,000. More recently, Eloro completed an additional $150,000 financing which was announced January 30, 2006. The Societe de developpement de la Baie-James, a Quebec Government investment fund, participated by investing $100,000.
On January 26, 2006 at the Atwater Club in Montreal, Quebec, Tom Larsen, CEO of Eloro and geologists Jean Lafleur and Martin Bourgoin presented to a group of investors to kick off a Company Awareness Campaign,the first of four dates of a cross-country event. Presentations will also be held in Toronto, Calgary and Vancouver later this quarter.
More significant developments from our neighbours in the James Bay region includes:
On January 10/2006, Eastmain Resources Inc., announced the closing of a second tranche of their financing where Eastmain issued a total of 8,450,000 units at $0.50 to raise an aggregate amount of $4,225,000. Full details can be found here.
Beaufield Consolidated Resources Inc. announced on January 11/2006 a transaction with Goldcorp Inc. wherein, Goldcorp will purchase 6.8 million units of Beaufield at $0.50 for a total investment of $3.4 million. Following the transaction, Goldcorp will hold 9.9% of Beaufield’s common shares and 14.2% on a fully-diluted basis after giving effect to the exercise of the warrants (please click here for complete details). This transaction is followed on the heels of Goldcorp’s announcement in December 2005 to buy Virginia Gold Mines Inc. in an all share acquisition valued at US$420 million.
January 23/2006, Everton Resources Ltd. entered into an agreement with Robert McEwen, Chairman and CEO of U.S. Gold Corp. and former Chairman and CEO of Goldcorp Inc., to purchase 3 million units of Everton at $0.50 for total proceeds of $1,500,000(for further details click here).
With big news like this so far this year, 2006 should bring great things to this exciting new exploration and mining camp.