Excellon Announces up to $1.35 Million Non- Brokered Private Placement Offering of Units
Excellon Announces up to $1.35 Million Non-
Brokered Private Placement Offering of Units
Toronto, Ontario--(Newsfile Corp. - April 4, 2024) -
Excellon Resources Inc. (TSX: EXN) (OTCQB:
EXNRF) (FSE: E4X2)
("
Excellon
" or the "
Company
") is pleased to announce a non-brokered private
placement offering (the "
Offering
") of up to 7,500,000 units of the Company (the "
Units
") at a price of
$0.18 per Unit for aggregate gross proceeds to the Company of up to $1,350,000.
Each Unit will be comprised of one common share in the capital of the Company (each, a "
Common
Share
") and one common share purchase warrant of the Company (each, a "
Warrant
"). Each Warrant
will entitle the holder thereof to acquire one Common Share at a price of $0.27 per Common Share for a
period of 24 months from the closing date of the Offering.
The Company intends to use the net proceeds of the Offering for advancement of the Company's mineral
projects and for general working capital and corporate purposes.
A portion of the net proceeds will also
be used to receive final assay results from the Company's 2,100 metre drill program at the Kilgore
Project in 2022. The remaining assays include approximately 1,600 metres of drilling, which will be used
for further target identification and continued exploration drilling.
The Offering may close in one or more tranches as determined by the Company, with the first tranche
anticipated to close on or about April 19, 2024, and is subject to satisfaction of certain conditions,
including, but not limited to, the receipt of all necessary regulatory and other approvals, including the
approval of the Toronto Stock Exchange ("
TSX
").
In connection with the Offering, certain arm's-length parties may receive a cash finder's fee payment
and/or warrants to purchase Common Shares in consideration of Units that are sold to subscribers
introduced by such parties.
The Units will be offered: (a) by way of private placement in each of the provinces of Canada pursuant to
applicable exemptions from the prospectus requirements under applicable Canadian securities laws; (b)
in the United States or to, or for the account or benefit of, U.S. persons, by way of private placement
pursuant to the exemptions from the registration requirements provided for under the United States
Securities Act of 1933, as amended (the "
U.S. Securities Act
"); and (c) in jurisdictions outside of
Canada and the United States on a private placement or equivalent basis. The securities to be issued
pursuant to the Offering will be subject to a four-month hold period in Canada pursuant to applicable
Canadian securities laws.
The securities offered have not been, nor will they be, registered under the U.S. Securities Act, or any
state securities law, 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 exemption from such registration requirements. This
news release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States
nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be
unlawful.
About Excellon
Excellon's vision is to realize opportunities through the acquisition of advanced development or
producing assets with further potential to gain from an experienced management team for the benefit of
our employees, communities and shareholders. The Company is advancing a portfolio of gold, silver and
base metals assets including Kilgore, an advanced gold exploration project in Idaho; and Silver City, a
high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and little
modern exploration.
Additional details on Excellon's properties are available at
www.excellonresources.com
.
For Further Information, Please Contact:
Excellon Resources Inc.
Shawn Howarth, President & Chief Executive Officer
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
All statements, other than statements of historical fact, contained, referenced or incorporated by
reference in this news release constitute "forward-looking statements" and "forward looking
information" (collectively, "
forward-looking statements
") within the meaning of applicable Canadian
and United States securities legislation. Generally, these forward-looking statements can be identified
by the use of forward-looking terminology such as: "actively", "advance", "anticipated", "assess",
"believe", "cause", "commence", "completion", "conditions", "consideration", "continues",
"development", "due course", "expectation", "exploration", "extend", "extension", "flexibility",
"focused", "forward", "further", "future", "if", "implement", "liquidity", "looking", "maturity", "may",
"negotiations", "occur", "opportunities", "options", "outcome", "outstanding", "potential", "providing",
"reach", "restructuring", "risk", "subject to", "to be", "update", "vision", "waive", "when", "will", and
"would", or variations of such words, and similar such words, expressions or statements that certain
actions, events or results can, could, may, should, to, will, would (or not) be achieved, occur, provide,
result, complete or support in the future or which, by their nature, refer to future events. In some cases,
forward-looking information may be stated in the present tense, such as in respect of current matters
that may be continuing, or that may have a future impact or effect. Forward-Looking statements
include statements regarding the structure and terms of the Offering; the use of proceeds of the
Offering; the timing and ability of the Company to complete the Offering; the timing and ability of the
Company to receive necessary approvals; exploration and drilling programs, including the timing,
completion and results thereof; potential mineralization; and the Company's objectives, goals and
future plans and strategies. Although the Company believes that such statements are reasonable, it
can give no assurance that such expectations will prove to be correct, and any forward-looking
statements by the Company are not guarantees of future actions, results or performance. Forward-
Looking statements are based on assumptions, estimates, expectations and opinions, which are
considered reasonable and represent best judgment based on available facts, as of the date such
statements are made. If such assumptions, estimates, expectations and opinions prove to be
incorrect, actual and future results may be materially different than expressed or implied in the
forward-looking statements. Forward-Looking statements are inherently subject to known and unknown
risks, uncertainties, contingencies and other factors which may cause the actual results or
performance of the Company to be materially different from any future results or performance
expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies and
other factors include, among others, the inability of the Company to complete the Offering on the
terms proposed or at all, the "Risk Factors" in the Company's annual information form dated April 1,
2024 (the "
2024 AIF
"), and the risks, uncertainties, contingencies and other factors identified in the
Company's Management's Discussion and Analysis, and accompanying financial statements, for the
year ended December 31, 2023, and the Company's other applicable public disclosure (collectively,
"
Company Disclosure
"). The foregoing list of risks, uncertainties, contingencies and other factors is
not exhaustive; readers should consult the more complete discussion of the Company's business,
financial condition and prospects that is provided in the 2024 AIF and the other Company Disclosure.
The forward-looking statements referenced or contained in this news release are expressly qualified
by these Cautionary Statements as well as the Cautionary Statements in the other Company
Disclosure. Forward-Looking statements contained herein are made as of the date of this news
release (or as otherwise expressly specified) and the Company disclaims any obligation to update
any forward-looking statements, whether as a result of new information, future events or results or
otherwise, except as required by applicable laws.
Not for distribution to United States news wire services or for dissemination in the United
States
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/204266