Excellon Increases Bought Deal Financing to $13.25 Million

­­­­­­­­­­­TORONTO, ON--(Marketwired - October 20, 2017) -

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Excellon Resources Inc. (TSX: EXN) (TSX: EXN.WT) ("Excellon" or the "Company") is pleased to announce that in connection with its previously announced public offering of units (the "Units") at a price of $2.00 per Unit, it has amended its agreement with Cantor Fitzgerald Canada Corporation ("Cantor"), together with PI Financial Corp. as co-lead underwriter, on its own behalf and on behalf of a syndicate of underwriters (together with Cantor, the "Underwriters"), to increase the amount of the bought deal offering to 6,625,000 units for gross proceeds to the Company of approximately $13.25 million (the "Offering"). As previously announced, each Unit will consist 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 an additional Common Share at a price of $2.80 at any time on or before December 31, 2018.

The Company has granted the Underwriters an over-allotment option (the "Over-Allotment Option") to increase the size of the Offering by up to an additional 15%, such option being exercisable in whole or in part at any time prior to the date that is 30 days after the closing of the Offering, to cover over-allotments, if any, and for market stabilization purposes. In the event that the Over-Allotment Option is exercised in full, the aggregate gross proceeds of the Offering to Excellon will be approximately $15.2 million.

The Company intends to use the net proceeds of the Offering to fund exploration at the Company's Platosa Project in Durango, Mexico and Miguel Auza Project in Zacatecas, Mexico and for general corporate purposes.

The Units will be offered by way of short form prospectus in each of the provinces of Canada, except Québec, pursuant to National Instrument 44-101 - Short Form Prospectus Distributions. The Units will not be offered or sold in the United States except under Rule 144A or Regulation D or in such other manner as to not require registration under the United States Securities Act of 1933, as amended.