News Excelsior Announces Private Placement of C$26 Million
2017-12-11 10:22 ET - News Release
VANCOUVER, British Columbia, Dec. 11, 2017 (GLOBE NEWSWIRE) -- Excelsior Mining Corp. (TSX:MIN) (FSE:3XS) (OTCQX:EXMGF) ("Excelsior" or the “Company”) is pleased to announce that it intends to undertake a non-brokered private placement to raise up to a total of C$26 million (approximately US$20.2 million) through the issuance of up to 26 million common shares of Excelsior (the “Common Shares”) at a price of Cdn$1.00 per Common Share (the “Offering”).
The net proceeds of the Offering will be used for the development, construction and maintenance of the Company’s Gunnison Copper Project, including the acquisition of long lead items, and for working capital requirements.
The Offering will be non-brokered; however, Clarksons Platou Securities AS and Tamesis Partners LLP have been engaged by Excelsior to act as finders in connection with the Offering and will be entitled to finder’s fees. The Offering is subject to a number of conditions, including, without limitation, the execution of definitive documentation, receipt of all regulatory approvals, including the approval of the Toronto Stock Exchange.
The securities being offered hereby have not been, nor will they be, registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
