Aloro Mining arranges $500,000 private placement
2023-03-20 07:03 ET - News Release
Mr. Thomas Doyle reports
ALORO ANNOUNCES PRIVATE PLACEMENT
Aloro Mining Corp. has arranged a non-brokered private placement financing of up to 10 million units of the company at a price of five cents per unit for gross aggregate proceeds of up to $500,000. Each unit will consist of one common share of the company and one share purchase warrant, with each warrant entitling the holder thereof to purchase one additional share of the company at a price of 15 cents per share for a period of two years from the closing of the financing.
The company intends to use the proceeds from the financing for exploration work, including drilling on its recently acquired Quitovac mine project, and for general working capital purposes.
Finder's fees may be payable in accordance with the rules of the TSX Venture Exchange. Insiders may also participate in the financing.
All securities issued in connection with the financing will be subject to a statutory hold period expiring four months and one day after closing of the financing. Completion of the financing is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the TSX-V.
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 project is under a $5-million (U.S.) option agreement to Alamos Gold.
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