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suerte88

12/19/18 10:04 AM

#1625 RE: RJPETE7 #1624

But in the same way we received a lot of money.

masslanding

12/19/18 2:58 PM

#1626 RE: RJPETE7 #1624

$1.50 per share issued.Warrants.
EXCELSIOR MINING CLOSES US$75 MILLION PROJECT FINANCING PACKAGE AND ANNOUNCES CONSTRUCTION DECISION FOR THE GUNNISON COPPER PROJECT

Excelsior Mining Corp. has closed a $75-million (U.S.) project financing package (see Excelsior press release dated Oct. 31, 2018). The financing has been provided by Triple Flag Mining Finance Bermuda Ltd. and consists of a $65-million (U.S.) copper metal stream and a concurrent $10-million (U.S.) private placement of common shares of Excelsior.

"With this comprehensive financing package, Excelsior will initiate construction activities at the Gunnison copper project before year-end," said Stephen Twyerould, president and chief executive officer. "With the two crucial milestones of permitting and construction financing now behind us, we look forward to unlocking the remarkable economics of this project as we advance towards first copper production from the well field in 2019."

The closing of the financing resulted in Excelsior receiving initial gross proceeds of $20-million (U.S.). This amount consists of the initial $10-million (U.S.) of the $65-million (U.S.) deposit (the Stage 1 upfront deposit) under the terms of a metals purchase and sale agreement and $10-million (U.S.) proceeds of the equity placement. The balance of the stage 1 upfront deposit will be provided in instalments at the request of Excelsior as it expends or allocates previously received funds for the construction of the Gunnison copper project. As per the equity placement component of the financing, Excelsior has issued to Triple Flag 13,818,977 common shares at an aggregate subscription price of $10-million (U.S.), or equal to approximately 95 cents per share at current exchange rates. The common shares are subject to a four-month statutory hold period that expires on March 31, 2018.

In consideration of the stream, Excelsior has also issued to Triple Flag 3.5 million five-year common share purchase warrants, whose five-year term shall begin on Nov. 30, 2018, entitling Triple Flag to purchase 3.5 million Excelsior common shares at a strike price of $1.50 per share issued.

Excelsior is expecting an additional $9.4-million (U.S.) in financing proceeds from affiliates of Greenstone Resources LP pursuant to the terms of a previously announced subscription agreement (see Excelsior news release dated Nov. 21, 2018). In addition, if Altius Royalty Corp. chooses to exercise its construction royalty option, Excelsior shall receive a further $5-million in financing proceeds.