Why is Eloro Resources Ltd ELRRF Moving Higher in 2021?

Why is Eloro Resources Ltd (OTCMKTS:ELRRF) Moving higher in 2021? The mining...
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Why is Eloro Resources Ltd (OTCMKTS:ELRRF) Moving higher in 2021?

The mining sector has been in focus among investors for quite some time and it has continued in 2021 as well. Among the many mining stocks which have recorded considerable gains this year so far, the gains made by the Eloro Resources Ltd (OTCMKTS:ELRRF) stock have been particularly eye catching. The exploration and mine development firm has seen its stock soar by as much as 135% this year so far.

Major Triggers

Considering the enormous gains recorded by the Eloro stock, it might be a good idea for investors to perhaps start tracking the stock. One of the major triggers behind the rally came about in the early days of January this year.

Back on January 5, Eloro announced that it concluded the bought deal financing deal that it had announced previously. In this regard, it should be noted that the over-allotment option was also exercised in full. In total, the company sold as many as 4080660 units in Eloro at the price of C$1.55 each. The transaction raised as much as C$6325023 in proceeds for the company. Each unit sold by Eloro consists of one common share in the company and a warrant that entitles the holder to buy half a common share.

It goes without saying that it is a significant development for the company considering the total proceeds that have been generated. Hence, the enthusiasm among investors is understandable. On the other hand, towards the end of January, the company also announced that it managed to intersect as much as 129.6 grams of silver per equivalent tonne of silver at one of its properties.

The property in question is the Iska Iska Property located in Bolivia. It is another significant development for the company and it remains to be seen if it can result in further gains for the Eloro stock. Investors could do well to keep an eye on it over the coming days.

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