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Excellon Announces Upsize of Brokered Private Placement of Units for Gross Proceeds of up to C$6.5 Million
Toronto, Ontario--(Newsfile Corp. - April 22, 2025) - Excellon Resources Inc. (TSX: EXN) (FSE:...
About this update from Excellon Resources Inc.
[{"type":"text","content":"Excellon Announces Upsize of Brokered Private Placement of Units for Gross Proceeds of up to C$6.5 MillionToronto, Ontario--(Newsfile Corp. - April 22, 2025) - Excellon Resources Inc. (TSX: EXN) (FSE: E4X2) (\"Excellon\" or the \"Company\") is pleased to announce that as a result of strong investor demand, the Company has increased the size of its previously announced \"best efforts\" private placement (the \"Offering\") from aggregate gross proceeds of up to C$5,000,000 to aggregate gross proceeds of up to C$6,500,000. The upsized Offering is comprised of the sale of up to 61,904,762 units of the Company (the \"Units\") at a price of C$0.105 per Unit (the \"Offering Price\"). Eric Sprott has made a lead order to subscribe for Units under the Offering.Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant shall entitle the holder to purchase one common share of the Company (each, a \"Warrant Share\") at a price of C$0.15 per Warrant Share at any time on or before the date which is 36 months after the Closing Date (as herein defined). Red Cloud Securities Inc. is acting as lead agent and sole bookrunner under the Offering on behalf of a syndicate of agents that includes Velocity Trade Capital Ltd. (collectively, the \"Agents\"). The Agents will have an option, exercisable in full or in part, up to 48 hours prior to the Closing Date, to sell up to an additional 9,523,810 Units at the Offering Price for up to an additional approximately C$1,000,000 in gross proceeds.The Company intends to use the net proceeds of the Offering for advancing development of the Mallay Mine, working capital and general corporate purposes.The Offering is anticipated to close on or about May 2, 2025 (the \"Closing Date\"), or such other date as the Company and the Agents may agree. Completion of the Offering is subject to certain conditions including, but not limited to, listing of the common shares of the Company on the TSX Venture Exchange (the \"TSXV\"), and the receipt of all necessary regulatory and other approvals for the Offering, including the acceptance of the TSXV.The Units will be offered: (a) by way of private placement in the provinces of Alberta, British Columbia, Manitoba, Ontario and Saskatchewan pursuant to applicable exemptions from the...