Eros Resources Corp. Announces Closing of a Highly Successful, Fully Subscribed Rights Offering

(via TheNewswire)

VANCOUVER, B.C. - TheNewswire - August 12, 2020 - EROS Resources Corp. ("EROS" or the "Company") (TSXV:ERC) is pleased to announce the closing of its previously announced rights offering (the "Rights Offering") for aggregate gross proceeds of $2,422,344.35.

The net proceeds of the Rights Offering will be used;

- To make strategic tax advantaged investments that will grow the value of our asset portfolio while reducing future income tax liabilities

- To maintain and advance the Company's gold mine development project, Bell Mountain in Nevada

- For general corporate purposes.

The Rights Offering was oversubscribed by approximately 191%. The Company received 43,373,784 initial subscriptions pursuant to the basic subscription privilege, and 49,081,602 additional subscriptions pursuant to the additional subscription privilege.

The additional subscriptions were prorated within the 5,073,103 units remaining after the initial subscriptions, and the extraneous balance of subscription funds returned to the subscribers. As a result, the total number of units to be issued under the Rights Offering is the maximum of 48,446,887 units.

Each unit consists of one common share (a "Common Share") and half ( 1/2 ) a Common Share purchase warrant, with each full warrant (a "Warrant") exercisable for one Common Share at a price of $0.15 per share until August 12, 2021, subject to early expiry in the event the 20-day weighted average trading price of the Common Shares exceeds $0.30. The Rights Offering remains subject to the final acceptance of the TSXV.

About EROS

Eros Resources Corp. is a Canadian public company listed on the Toronto Venture Exchange. The Company's business objective is the identification, acquisition and exploration of advanced-stage projects with a North American focus. In addition, the Company plans to make strategic investments with a global focus on a diverse commodity base. EROS managements' expertise supports this strategy.

For further information, please contact:

EROS Resources Corp.

Ron Netolitzky

President and Chief Executive Officer

Phone: 604-688-8115

ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE US. SECURITIES ACT OF 1933 (THE "1933 ACT") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward Looking Statements

This release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events or developments that we believe, expect or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements reflect our current expectations or beliefs based on information currently available to us. Forward-looking statements in this release include, without limitation, statements with respect to: the closing of the Rights Offering, the closing of the Private Placement and the use of proceeds from the Rights Offering and the Private Placement. Forward-looking statements are subject to a number of risks and uncertainties that may cause our actual results to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, us. Factors that could cause actual results or events to differ materially from current expectations include, among other things, delays in obtaining or failure to obtain required approvals to complete the Rights Offering and the Private Placement; and other risks related to our business, the Rights Offering and the Private Placement. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, we disclaim any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although we believe that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

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