I'm a buyer and here's why:
Based on the latest financial statements available (September 30, 2020) Excelsior had 239,630,082 shares outstanding and another 20,965,000 shares under warrant exercisable at various prices for a total of 260,595,082 shares.
The offering has been upsized to 29,000,000 shares with warrants for another 29,000,000 shares and the over-allotment of 4,350,000 will result in approximately 323 million shares outstanding assuming all warrants are exercised. Or an increase in the number of shares outstanding of 23.9%.
As a result of all that happening the company will receive new capital of approximately $50 million (USD) based on the current exchange rate.
As I type this, copper is at $3.76. Excelsior's financial models are based on copper at $2.75. That's an increase of 36.7%. That would boost the NPV from $730 million to north of $1 billion. Not to mention that many are projecting copper going to $4 and even $5.
At an NPV of $1 billion and a conservative take-out value of approximately 65% - 70% of NPV, Excelsior could have a purchase value of approximately $2.15 USD a share, maybe higher. I think we'll see the company bought out prior to Stage 3 and quite possibly shortly after nameplate. It's 73 cents USD as I write this. Do your own due diligence but I'm staying in and will be buying more.
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