Excelsior Mining Announces C$20 Million Bought Deal Financing

VANCOUVER, British Columbia, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the “Company”) announced today that it has entered into an agreement with Scotiabank and PI Financial Corp. as joint bookrunners and underwriters (the “Underwriters”), pursuant to which the Underwriters have agreed to buy on a bought deal basis 21,100,000 units (the “Units”) of the Company, at a price of C$0.95 per Unit for gross proceeds of approximately C$20 million (the “Offering”). Each Unit consists of one common share (each a “Common Share”) and one warrant (each a “Warrant”). Each Warrant is exercisable to acquire a Common Share (each a “Warrant Share”) at an exercise price of C$1.25 for a period of 18 months from the closing of the Offering.

The Company has also granted the Underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 3,165,000 Units to cover over-allotments, if any, and for market stabilization purposes. The Offering is expected to close on February 22, 2021 and is subject to the Company receiving all necessary regulatory approvals, including the approval of the Toronto Stock Exchange.

The net proceeds from the Offering will be used for working capital requirements and for the development, sustaining capital and maintenance of the Company’s mineral properties.

A prospectus supplement (the “Prospectus Supplement”) to the Company’s short form base shelf prospectus dated December 22, 2020 (the “Base Shelf Prospectus”) will be filed with the securities commissions or securities regulatory authorities in each of the provinces of Canada, excluding Quebec. The Prospectus Supplement and the Base Shelf Prospectus contain important detailed information about the Company and the proposed Offering. Prospective investors should read the Prospectus Supplement, the Base Shelf Prospectus and the documents incorporated therein for more information about the Company and this Offering before making an investment decision.

The Units, Common Shares and Warrant Shares 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 does not constitute an offer of securities for sale in the United States.