Excellon Closes Final Tranches of Private Placement of Units
Excellon Closes Final Tranches of Private
Placement of Units
Toronto, Ontario--(Newsfile Corp. - May 15, 2024) -
Excellon Resources Inc. (TSX: EXN) (OTCQB:
EXNRF) (FSE: E4X2)
("
Excellon
" or the "
Company
") is pleased to announce that, further to the
Company's news releases dated April 4, 2024 and April 15, 2024, it has closed the final tranches of its
previously announced non-brokered private placement offering (the "
Offering
") of units of the Company
("
Units
"), pursuant to which the Company sold an additional 3,414,555 Units at a price of $0.18 per Unit
for additional aggregate gross proceeds to the Company of approximately $614,620. Under the
Offering, the Company sold a total of 7,356,632 Units at a price of $0.18 per Unit for aggregate gross
proceeds to the Company of approximately $1,324,194.
Each Unit was 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
entitles 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 applicable closing date of the Offering. In connection with the closing of all
tranches of the Offering, the Company paid cash finder's fees in the aggregate amount of approximately
$43,598 and issued a total of 104,210 non-transferable finder's warrants on the same terms as the
Warrants to certain arm's length parties in consideration of Units sold to subscribers introduced by such
parties.
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. In addition, the Company has used a
portion of the net proceeds to receive final assay results from the Company's 2,100 metre drill program
at the Kilgore Project in 2022, which were announced on May 7, 2024.
The Offering remains subject to the final approval of the Toronto Stock Exchange.
The Units were 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 issued
pursuant to the Offering are 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 laws, 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 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
"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
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https://www.newsfilecorp.com/release/209342