Eros Resources raises $1.8 million for Saskatchewan exploration

Eros Resources Corp. announced a non-brokered private placement financing. The company plans to sell up to 36 million units at a price of $0.05 per unit. This could raise a total of $1.8 million. The financing is fully subscribed and is set to close soon. Each unit consists of one common share and one share purchase warrant, which allows holders to buy more shares at $0.075 each for three years. There is a provision that allows the company to expire the warrants early if the share price reaches $0.10 for ten consecutive trading days. Eros recently completed a merger with MAS Gold and Rockridge Resources. This merger enhances its gold and copper exploration projects in Saskatchewan. The financing proceeds will be used for general operations and exploration efforts in the region. The offering is pending regulatory approval, including from the TSX Venture Exchange. Eros Resources will follow applicable regulations, which include a four-month hold on the securities issued. They also note that the securities cannot be sold in the U.S. without proper registration.