HALIFAX, NOVA SCOTIA / ACCESSWIRE / November 4, 2015 / Troy Grant, President and CEO of ELCORA RESOURCES CORP. (TSXV: ERA) (FSE: ELM), (the “Company” or “Elcora”), is pleased to announce a non-brokered private placement financing (the “Private Placement”) of up to 7,142,857 units (“Units”) at a price of $.014 per Unit to raise aggregate gross proceeds of up to $1,000,000. Each Unit will be comprised of one common share and one common share purchase warrant entitling the holder to purchase one additional common share of Elcora at an exercise price of $0.30 for one year following the closing of the Private Placement. The company might pay finders’ fees in cash and/or warrants in connection with the placement.
All securities issued pursuant to the Private Placement will be subject to a statutory four-month hold period. The proceeds from the Private Placement will be used towards operations at Ragadera graphite mine in Sri Lanka and general corporate purposes. Completion of the Private Placement is subject to the approval of the TSX Venture Exchange.