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EXCELLON REVERSES $22 MILLION LITIGATION LIABILITY
EXCELLON REVERSES $22 MILLION LITIGATION LIABILITY Canada NewsWire ...
About this update from Excellon Resources Inc.
[{"type":"text","content":"\n \n \n \n EXCELLON REVERSES $22 MILLION LITIGATION LIABILITY\n \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.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n \n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n April 3, 2023\n \n \n /CNW/ -\n \n Excellon Resources Inc.\n \n (TSX: EXN) (OTCQB: EXNRF) (FRA: E4X2)\n \n (\"Excellon\"\n \n or the\n \n \"Company\")\n \n is pleased to announce the reversal of a\n \n US$22 million\n \n liability from its\n \n March 31, 2023\n \n consolidated balance sheet, relating to the previously disclosed judgment against one of the Company's subsidiaries in\n \n Mexico\n \n .\n \n \n \"The announcement today effectively removes a\n \n US$22 million\n \n overhang that has been with the Company since 2019,\" stated\n \n Shawn Howarth\n \n , President and CEO. \"Over the past four months, I'm very proud of our management team that has successfully addressed major discounts to Excellon's value potential: the pending maturity of our outstanding convertible debentures, for\n \n US$11 million\n \n \n \n 1\n \n \n , and this provision for litigation.\"\n \n \n Mr. Howarth continued, \"With the proposed acquisition of the La Negra Mine, we have taken steps to create a compelling value proposition for investors. We have reset Excellon's corporate strategy, restructured current liabilities by over\n \n US$33 million\n \n and added to a portfolio of already high-quality, long-term assets in particular at La Negra\n \n \n 2\n \n \n and\n \n Kilgore\n \n \n \n 3\n \n \n , with additional exploration and transactional upside at the Silver City and\n \n Oakley\n \n projects\n \n 4\n \n . Following today's announcement, we can now focus on advancing this value potential for the benefit of our shareholders.\"\n \n \n \n \n \n \n \n _________________________...