- Eloro Resources saw its corporate listing upgraded to trade on the TSX exchange as of March 6, 2023
- The uplisting to the TSX main board provides the company with access to greater stock liquidity and increases its visibility amongst larger institutional investors
- Eloro Resources recently announced the successful completion of its C$10.9mn primary share capital raise in January 2023
Eloro Resources (TSX: ELO) (OTCQX: ELRRF) (FSE: P2QM), an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec, was recently invited to ring the opening bell at the Toronto Stock Exchange in recognition of the company’s recent promotion to the TSX main board (https://nnw.fm/io1D7). Eloro Resources formally saw its corporate listing commence trading on the TSX or Toronto Stock Exchange on Monday, March 6th, 2023 – having previously been listed on the TSX Venture Exchange (TSX-V) dating back to October 5th, 2005.
The upgraded listing sees Eloro Resources join the ranks of 650 other companies which have previously transitioned to the TSX main board from the TSX-V market; today, approximately 20% of all companies included within the TSX composite index trace their roots to the TSX-V. To graduate to the primary exchange, TSX-V listed companies must first meet the specific TSX listing requirements related to their particular industry, following which they must submit an application, audited financial statements and recent quarterly statements to be reviewed by the TSX’s board – a lengthy yet rewarding process which Eloro Resources have successfully navigated in recent months.
Eloro CEO, Thomas Larsen remarked in relation to the company’s recent uplisting, “We are pleased to have graduated to the premier Canadian exchange. Listing on the TSX will provide Eloro greater market visibility and increased access to capital to help drive the company’s growth as it advances its flagship Iska Iska project in southern Bolivia.” (https://nnw.fm/qJfNt).
The upgrade to the Toronto Stock Exchange provides Eloro Resources with access to an equity exchange boasting a market capitalization well north of $3 trillion – and ergo, an equally broad and extensive investor base. Capital markets have emerged as an increasingly important financing channel for precious metal miners in recent years, with public market investors seeking to capitalize on potentially successful exploratory mining works at an earlier stage of gestation – a growing area of focus in light of the exponential demand growth for certain metals amidst the global transition towards renewable energy sources.
Along a similar vein, Eloro Resources recently announced that it had successfully concluded a fully underwritten primary share placement, raising total gross proceeds of C$10,919,570. At the time the company revealed that the net proceeds derived from the offering would be destined towards exploration and development purposes at the company’s ongoing mining projects in Bolivia as well as for general working capital purposes.
Capital market activity within the precious metals space has continued to gain momentum, headlined by the recent takeover offer extended by Newmont Corp to Australian gold miner Newcrest Mining Ltd – a potential transaction that could result in the world’s single largest gold miner. With investor demand for high quality precious metal assets on the upswing, Eloro Resources – and their potentially world-class silver-tin Iska Iska deposit – look well placed to capitalize on the rising investor interest within the sector.
For more information, visit the company’s website at www.EloroResources.com.
NOTE TO INVESTORS: The latest news and updates relating to ELRRF are available in the company’s newsroom at https://nnw.fm/ELRRF
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