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Excelsior Announces Closing of First Tranche of US$10M Financing
(TSX-V: MIN) ( Frankfurt : 3XS) (OTCQX: EXMGF) VANCOUVER , Sept. 5, 2014 /CNW/ - Exc...
About this update from Gunnison Copper Corp.
[{"type":"text","content":"\n\n(TSX-V: MIN) (Frankfurt: 3XS) (OTCQX: EXMGF)\n\n\n\nVANCOUVER, Sept. 5, 2014 /CNW/ - Excelsior Mining Corp. (TSX-V: MIN) (Frankfurt: 3XS) (OTCQX: EXMGF) (\"Excelsior\" or the \"Company\") is pleased to announce the closing of the first tranche of the US$10 million financing and strategic partnership agreement with an affiliate of Greenstone Resources L.P. (\"Greenstone\"), whereby Greenstone has purchased 20,580,000 common shares, equal to approximately 19.9% of the issued and outstanding common shares of Excelsior, at a price of C$0.34 per common share in return for gross proceeds of US$6,393,341.64. For further information please see the Company's previous news release dated August 13, 2014 – \"Excelsior Announces Strategic Partnership and US$10 M Financing with Greenstone Resources.\"\n\nIn connection with this transaction, Mr. Michael Haworth will immediately join the Board of Directors as the first nominee director of Greenstone. \n\nThe second tranche of the private placement shall require shareholder approval under the rules and policies of the TSX Venture Exchange as it will result in the creation of a new \"control person\". The Company intends to obtain shareholder approval for the second tranche at its annual and special meeting of shareholders currently scheduled for September 30, 2014 in Vancouver (the \"Meeting\"). Assuming shareholder approval is obtained, the second tranche is scheduled to close within 15 business days after the Meeting.  The second tranche will see Greenstone purchase US$3,606,658.36 of common shares of Excelsior at price of C$0.34 per common share. The exact number of common shares will be determined based on the noon US$/C$ exchange rate as quoted by the Bank of Canada on the day of the Meeting. This portion of the transaction remains subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.\n\nThe TSX Venture Exchange has conditionally approved the closing of the transaction, however it has not yet completed its review of certain documents. As a result, the closing has occurred but the proceeds of the first tranche of the private placement, together with the 20,580,000 common shares subscribed by Greenstone, were deposi...