NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, March 20, 2023 (GLOBE NEWSWIRE) — ALORO MINING CORP. – (the “Company”) is pleased to announce a non-brokered private placement financing (the “Financing”) of up to 10,000,000 units (each, a “Unit”) of the Company at a price of $0.05 per Unit for gross aggregate proceeds of up to $500,000. Each Unit will consist of one common share of the Company (each, a “Share”) and one Share purchase warrant (each, a “Warrant”), with each Warrant entitling the holder thereof to purchase one additional Share (each, a “Warrant Share”) of the Company at a price of $0.15 per Share for a period of two years from the closing of the Financing.

The Company intends to use the proceeds from the Financing for exploration work, including drilling on its recently acquired Quitovac Mine Project, and for general working capital purposes.

Finder’s fees may be payable in accordance with the rules of the TSX Venture Exchange (“TSXV”). Insiders may also participate in the Financing.

All securities issued in connection with the Financing will be subject to a statutory hold period expiring four months and one day after closing of the Financing. Completion of the Financing is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the TSXV.

None of the securities sold in connection with the Financing will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Aloro Mining Corp.

Aloro controls the 2,643.82-hectare Quitovac Mine Project located in the prolific Mojave-Sonora Megashear, where a large part of Mexico’s recent gold production is derived. Aloro also controls the 3,199- hectare Los Venados Project, which is located in the central part of the Mulatos Gold District and is directly adjacent to the active Mulatos open pit mine of Alamos Gold Inc. The Los Venados is under US $5,000,000 Option agreement to Alamos Gold Inc.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward‐looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward‐looking statements. Forward looking statements in this press release include, but are not limited to, statements regarding the Financing, closing thereof, and the anticipated use of proceeds. These forward‐looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward‐looking information. Risks that could change or prevent these statements from coming to fruition include, but are not limited to, the inability of the Company to close the Financing, failure to receive final TSXV approval for the Financing, general business, economic and social uncertainties, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; and other risks outside of the Company’s control.

Original Article: https://www.globenewswire.com/news-release/2023/03/20/2630329/0/en/Aloro-Announces-Private-Placement.html