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Excellon Announces Closing of Brokered Private Placement of Units for Gross Proceeds of C$8.0 Million, Including Full Exercise of the Agents' Option and Lead Investment by Eric Sprott
Toronto, Ontario--(Newsfile Corp. - May 14, 2025) - Excellon Resources Inc. (TSXV: EXN) (FSE: ...
About this update from Excellon Resources Inc.
[{"type":"text","content":"Excellon Announces Closing of Brokered Private Placement of Units for Gross Proceeds of C$8.0 Million, Including Full Exercise of the Agents' Option and Lead Investment by Eric SprottToronto, Ontario--(Newsfile Corp. - May 14, 2025) - Excellon Resources Inc. (TSXV: EXN) (FSE: E4X2) (\"Excellon\" or the \"Company\") is pleased to announce that it has closed its previously announced brokered private placement (the \"Offering\") for aggregate gross proceeds to the Company of C$8,000,000.09, which includes the full exercise of the agents' option. Pursuant to the Offering, the Company sold an aggregate of 76,190,477 units of the Company (the \"Units\") at a price of C$0.105 per Unit.Each Unit consisted of one common share of the Company (each, a \"Common Share\") and one-half of one common share purchase warrant of the Company (each whole warrant, a \"Warrant\"). Each Warrant will entitle the holder thereof to purchase one Common Share (each, a \"Warrant Share\") at a price of C$0.15 per Warrant Share at any time on or before May 14, 2028.Red Cloud Securities Inc., as lead agent and sole bookrunner, together with Velocity Trade Capital Ltd. acted as agents (the \"Agents\") in connection with the Offering pursuant to the terms of an agency agreement dated May 14, 2025. In consideration for their services, the Company paid the Agents cash commissions and advisory fees totaling C$456,000, which is 6% of the aggregate gross proceeds from the sale of Units under the Offering, with the exception of the aggregate gross proceeds from the sale of Units to companies owned by Eric Sprott, which were subject to a reduced cash commission equal to 4.5%. Furthermore, the Company issued the Agents an aggregate of 4,361,642 non-transferable broker warrants of the Company (\"Broker Warrants\"), being 6% of the aggregate number of Units issued pursuant to the Offering (other than in respect of Units issued to certain subscribers). Each Broker Warrant is exercisable to acquire one Common Share at an exercise price of C$0.105 per Common Share at any time on or before May 14, 2028.The Company also issued 578,750 Common Shares to 2743708 Ontario Inc., an arm's length finder, in connection with the Offering, representing 5% of the aggregate number of Units that were sold to subscribers introduced to the Company by such finder.The Company intends to use the ...