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Excellon Resources to Acquire Otis Gold Creating a New Multi-Asset Precious Metals Company
Excellon Resources to Acquire Otis Gold Creating a New Multi-Asset Precious Metals Company...
About this update from Excellon Resources Inc.
[{"type":"text","content":"\n\n\n\nExcellon Resources to Acquire Otis Gold Creating a New Multi-Asset Precious Metals Company\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, Feb. 24, 2020\n\n\n\n\nTORONTO, Feb. 24, 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 Gold\") are pleased to announce that they have entered into a definitive agreement (the \"Agreement\") today whereby Excellon will acquire all the issued and outstanding shares of Otis Gold pursuant to a plan of arrangement under the Business Corporations Act (British Columbia) (the \"Transaction\").\nThe 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 Transaction is an initial step in Excellon becoming a larger multi-asset precious metals company.\nTransaction Highlights\nEnhanced portfolio of projects for the new precious metals bull market: Combines Platosa's high-grade silver production with high return and low risk Kilgore development project, creating a pipeline for growth.Significant exploration upside: Active exploration on four key mineral trends including the CRD and Fresnillo epithermal silver trends in Mexico, the re-emerging Idaho gold region, and the historic Freiberg district in Saxony, all known for multi-million ounce precious metal discoveries.Geographic diversification: Diverse, well-established mining jurisdictions across two continents, reducing single asset risk.Enhanced capital market profile: The combined company will be well financed with US$10 million in cash and available funds and is expected to have a market capitalization of approximately C$124 million and will be listed on the Toronto Stock Exchange (\"TSX\") in Canada. Excellon also intends to apply for a listing on the NYSE American LLC (\"NYSE American\") in the United States.Proven board and management: Integrates board and management that can discover, permit, finance, ...