NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS
Vancouver, BC (April 12, 2017) Eros Resources Corp. (TSX.V: ERC) (“Eros” or the Company”) proposes to raise up to $1.5 million through a non-brokered private placement financing via the issuance of 8.3 million units at a price of CDN $0.18 per unit, subject to TSX Venture Exchange approval. Each unit will consist of one common share and one half of one share purchase warrant, with each full warrant entitling the holder to acquire one additional common share at an exercise price of $0.25 for a period of 2 years from the closing date and $0.30 for an additional year, up to 3 years from the closing date.
Certain directors, officers or other insiders of the Company may participate in the Private Placement and, collectively, their participation may exceed 25% of the total amount of the financing.
All of the securities issued under this financing will be subject to a hold period of 4 months and one day from the closing date of the offering. Finders’ fees may be payable to qualified finders in accordance with applicable regulations.
Funds from this financing will be used for general working capital purposes.
Eros Resources Corp. is a well-financed Canadian public company focused on the exploration and development of resource projects in North America. Eros also holds an investment portfolio which includes 48 million shares of Skeena Resources Ltd., which is advancing exploration on 3 exciting projects, Spectrum-GJ, Snip and the past-producing Porter Idaho silver mine in the Golden Triangle of the Stikine Arch of northwestern British Columbia. In February, Eros purchased an interest in three wells planned to be drilled into the Flaxcombe oil field in Saskatchewan. Under the deal, Eros will hold a 90% interest until its $1.6 million investment is recovered and share a 50% interest with the operator, Westcore Energy Ltd.
We seek safe harbor.
On behalf of the Board of Directors of
Eros Resources Corp.,
President & CEO
Cautionary note regarding forward-looking statements
Certain statements made and information contained herein may constitute “forward looking information” and “forward looking statements” within the meaning of applicable Canadian and United States securities legislation, including, among other things, information with respect to this presentation. These statements and information are based on facts currently available to the Company and there is no assurance that actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as “anticipates”, “believes”, “targets”, “estimates”, “plans”, “expects”, “may”, “will”, “could” or “would”. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.
United States Advisory
The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), have been offered and sold outside the United States to eligible investors pursuant to Regulation S promulgated under the U.S. Securities Act, and may not be offered, sold, or resold in the United States or to, or for the account of or benefit of, a U.S. Person (as such term is defined in Regulation S under the United States Securities Act) unless the securities are registered under the U.S. Securities Act, or an exemption from the registration requirements of the U.S. Securities Act is available. Hedging transactions involving the securities must not be conducted unless in accordance with the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.