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     556  0 Kommentare Excellon Completes $15.2 Million Bought Deal Financing

    ­­­­­­­­­­­TORONTO, ON--(Marketwired - July 26, 2016) -

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

    Excellon Resources Inc. (TSX: EXN) (OTC: EXLLF) ("Excellon" or the "Company") is pleased to announce that it has closed its previously announced bought deal public offering of 13,250,000 units (collectively, the "Units"), including 1,728,260 Units issued upon exercise of the over-allotment option, at a price of $1.15 per Unit for aggregate gross proceeds of approximately $15.2 million (the "Offering"). The Offering was underwritten by Cantor Fitzgerald Canada Corporation, Sprott Private Wealth L.P., Cormark Securities Inc. and PI Financial Corp.

    As previously announced, each Unit consists of one common share in the capital of the Company (each a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder to acquire one additional Common Share at a price of $1.75 for a period of 24 months following the closing of the Offering.

    The Company intends to use the net proceeds of the Offering to fund accelerated exploration at the Company's Platosa Project, for capital expenditures at the Platosa Mine and Miguel Auza Mill, for working capital expenses and for general corporate purposes. For additional details regarding the use of proceeds of the Offering, please see the Company's short form prospectus dated July 19, 2016 that is available under the Corporation's profile on SEDAR at www.sedar.com.

    In connection with the Offering, Eric Sprott purchased 5,826,826 Units (for total consideration of $6,700,849.90) and, based on Mr. Sprott's SEDI filings, now holds an aggregate of 14,433,082 Common Shares and 6,246,746 warrants, representing a 19.3% interest in the Company on a non-diluted basis and a 25.5% interest on a partially diluted basis assuming the exercise of all warrants held by Mr. Sprott (prior to the Offering, Mr. Sprott held 8,606,256 Common Shares and 3,333,333 common share purchase warrants). In connection with the Offering, Mr. Sprott provided an undertaking to the Toronto Stock Exchange (the "TSX") that he will not exercise any warrants, without the prior receipt of shareholder approval, in the event such action would result in him owning more than 19.9% of the Company's common shares on a non-diluted basis. At the next annual and/or special meeting of shareholders, the Company will seek to obtain requisite shareholder approval to allow Mr. Sprott to exercise the remainder of his warrants, as a result of which he may, under TSX rules, "materially affect control" of the Company.

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    Excellon Completes $15.2 Million Bought Deal Financing ­­­­­­­­­­­TORONTO, ON--(Marketwired - July 26, 2016) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED …