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Excellon and Otis Gold Obtain Interim Order for Plan of Arrangement
Excellon and Otis Gold Obtain Interim Order for Plan of Arrangement Canada NewsWir...
About this update from Excellon Resources Inc.
[{"type":"text","content":"\n\n\n\nExcellon and Otis Gold Obtain Interim Order for Plan of Arrangement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 16, 2020\n\n\n\n\nTORONTO, March 16, 2020 /CNW/ - Excellon Resources Inc. (TSX: EXN, EXN.WT, OTC: EXLLF and FRA: E4X1) (\"Excellon\" or the \"Company\") and Otis Gold Corp. (TSX-V: OOO, OTC: OGLDF, FRA: 4OG) (\"Otis\") are pleased to announce the receipt of an interim order from the Supreme Court of British Columbia on March 13, 2020 (the \"Interim Order\"), in connection with Excellon's previously announced acquisition of all of the issued and outstanding shares of Otis (the \"Otis Shares\") pursuant to a plan of arrangement under the Business Corporations Act (British Columbia) (the \"Arrangement\"). The Interim Order provides for, among other things, a meeting of Otis shareholders to consider and vote upon the Arrangement.\nArrangement\nOn February 24, Excellon entered into a definitive arrangement agreement (the \"Arrangement Agreement\") with Otis, whereby, subject to the terms and conditions of the Arrangement Agreement, Excellon will acquire all of the Otis Shares on the basis  of 0.23 of an Excellon common share (an \"Excellon Share\") for each Otis Share (the \"Exchange Ratio\").\nBenefits of the Arrangement\nExcellon and all of its subsidiaries immediately following the completion of the Arrangement (the \"Combined Company\") will be a well-financed precious metals producer with established silver production in Mexico and an attractive gold development project in the United States. The Arrangement is an initial step in Excellon becoming a larger multi-asset precious metals company with the following foundation for further growth:  \nEnhanced portfolio of projects: The Arrangement combines Platosa's high-grade silver production with the high return and low risk Kilgore development project, creating a pipeline for growth. Furthermore, it adds two significantly undervalued gold assets, Kilgore and Oakley, to Excellon's portfolio and amplifies the Combined Company's exposure to precious metals i...