TORONTO, Nov. 26, 2019 (GLOBE NEWSWIRE) -- Thomas G. Larsen (the “Acquiror”) announces that on November 26, 2019, he acquired 400,000 units (“Units”) of Eloro Resources Ltd. (“Eloro”), with each Unit consisting of one common share (“Common Share”) and one half of one warrant (each whole a “Warrant”), pursuant to a private placement of $0.25 Units by Eloro.

Prior to the Acquisition, the Acquiror owned directly and indirectly and or controlled 4,154,664 Common Shares of Eloro and 76,250 warrants (exerciseable into 76,250 additional Common Shares), representing 4,230,914 Common Shares or approximately 11.5% of the issued and outstanding common shares of Eloro, on a partially diluted basis, assuming the exercise of the 76,250 warrants. Immediately after the Acquisition, the Acquiror owns directly and indirectly and or controls 4,554,664 Common Shares and 276,250 warrants (exerciseable into 276,250 additional Common Shares), representing 4,830,914 Common Shares or approximately 12.7% of the issued and outstanding Common Shares of Eloro, on a partially diluted basis, assuming the exercise of the 276,250 warrants. The Acquiror previously filed an Early Warning Report on May 3, 2018, and the Early Warning Report filed by the Acquiror on November 26, 2019, reports an increase of greater than 2% in his holdings (owned directly, indirectly and/or controlled) than what was reported in the May 3, 2018 filing.

The Eloro common shares were acquired for investment purposes and the right has been reserved to acquire additional securities of Eloro. Depending upon an evaluation of the business, prospects and financial condition of Eloro, the market for Eloro’s securities, general economic and tax conditions and other factors, the Acquiror and/or joint actors may acquire more securities of Eloro and/or may sell holdings of Eloro securities.  Further details regarding the early warning report may be obtained from an Early Warning Report filed in respect of this transaction under Eloro’s profile on www.sedar.com.

For further information please contact Jorge Estepa, Vice-President of Eloro Resources Ltd., at (416) 868-9168.

The statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statements.