- 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
- The upgrade marks the latest feat for Eloro Resources, with the company having successfully completed a C$10.9mn capital raising in January
- Eloro Resources are aiming to publish their initial resource estimates for their Iska Iska project by the end of 1Q 2023
Eloro Resources (TSX.V: 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, recently revealed that the company had seen its corporate listing upgraded to trade on the TSX exchange from the TSX-V market as of Monday, March 6th, 2023. The upgrade to the TSX or Toronto Stock Exchange marks a significant milestone for Eloro Resources, enabling the company to access a broad array of new domestic and global investors which may have not previously been able to invest in the stock whilst simultaneously, opening up a new financing avenue for the firm.
The Toronto Stock Exchange (“TSX”) has long distinguished itself as the flagship Canadian stock market; however and typically, access to the market has been limited to well-established corporates boasting a market capitalization of over $50 million. On the other hand, the TSX Venture Exchange (“TSXV”), formerly known as the Canadian Venture Exchange, has dedicated itself towards providing earlier-stage companies with access to public venture capital in an effort to help spur growth and establish a footprint within the Canadian capital market space. Notably, the majority of TSXV companies are valued at between $500,000 and $20 million, whilst enjoying a corporate disclosure burden which is far less stringent than those to which TSX-listed companies are subject to.
Ove the years, the TSX has welcomed over 650 TSX-V listed companies; 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.
The upgrade in its stock listing marks the latest feat for Eloro Resources, with the company having announced earlier in January that it had concluded its 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.
Since commencing its inaugural drill program at the Iska Iska site in September 2020, Eloro Resources have completed a cumulative 84,495 meters of drilling across 122 holes at Iska Iska (https://ibn.fm/hu4O3), with the company anticipating the publication of the initial resource estimates by the end of March 2023. The company have now sought to shift shift their focus towards exploring the feasibility of identifying a second potential world-class tin deposit at Iska Iska, in addition to the already identified, silver-tin polymetallic deposit in Santa Barbara (n.b. a location within the project site).
Following the company’s recent uplisting to the Toronto Stock Exchange main board, successful capital raising exercise and benefitting from exponential demand growth for both, silver and tin as a result of the ongoing global transition towards renewable energy sources, Eloro Resources look well placed to capitalize on any forthcoming resources discoveries in the coming months.
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://ibn.fm/ELRRF