Excellon Closes First Tranche of Private Placement of Units
Excellon Closes First Tranche of Private
Placement of Units
Toronto, Ontario--(Newsfile Corp. - April 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 release dated April 4, 2024, it has closed the first tranche of its previously announced
non-brokered private placement offering (the "
Offering
") of units of the Company ("
Units
") for
aggregate gross proceeds to the Company of approximately $709,574.
The Company expects to close
a second and final tranche of the Offering prior to the end of April 2024.
Pursuant to the closing of the first tranche of the Offering, the Company issued 3,942,077 Units at a price
of $0.18 per Unit. 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 closing date of the Offering. In connection with the closing of the
first tranche of the Offering, the Company also paid cash finder's fees in the amount of approximately
$15,158 and issued a total of 79,210 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 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. The remaining assays include
approximately 1,600 metres of drilling, which will be used for further target identification and continued
exploration drilling. The Company expects to release these results within the next two weeks.
The Offering remains subject to the final approval of the Toronto Stock Exchange.
The Units are being 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 and to
be issued pursuant to the Offering are or 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 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 structure and terms of the Offering; the use of proceeds of the Offering; the
timing and ability of the Company to complete any further tranche of 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 any further tranche of
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/205493