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Excelsior Mining Announces Closing of First Tranche of Private Placement
VANCOUVER, British Columbia, Dec. 21, 2017 (GLOBE NEWSWIRE) -- Excelsior Mining Corp. (TSX:MIN) (FSE:3XS) (OTCQX:EXMGF) ("Excelsior" or the “Company”) is please
About this update from Gunnison Copper Corp.
[{"type":"text","content":"VANCOUVER, British Columbia, Dec. 21, 2017 (GLOBE NEWSWIRE) -- Excelsior Mining Corp. (TSX:MIN) (FSE:3XS) (OTCQX:EXMGF) (\"Excelsior\" or the “Company”) is pleased to announce that it has closed the first tranche of its non-brokered private placement (the “Offering”) (see press releases dated December 11, 2017 and December 19, 2017). The Company has issued 22,168,000 common shares at a price of C$1.00 per common share for gross proceeds of C$22,168,000 (approximately US$17.2 million). The second and final tranche of the Offering consists of an additional 16,467,200 common shares at a price of C$1.00 for gross proceeds of C$16,467,200 (approximately US$12.8 million). The second tranche will be subscribed for by an affiliate of Greenstone Resources L.P. (“Greenstone”) and is expected to close in the first half of January, 2018 after customary closing conditions are satisfied. “The Offering was oversubscribed with strong support from major North American, UK and European based institutional investors alongside Greenstone, the Company’s major shareholder,” said, President & CEO, Stephen Twyerould. “With this financing, pre-construction activities at Gunnison will continue on pace as we prepare to seamlessly transition to well-field construction as planned, upon the receipt of the final permit and project finance, expected in the New Year. Backed by stakeholders that share our commitment for technical excellence and environmental stewardship, we remain on-track for copper production in 2018.” The Offering is non-brokered; however, Clarksons Platou Securities AS and Tamesis Partners LLP were engaged by Excelsior to act as finders in connection with the Offering and were paid finder’s fees on the first tranche of the Offering. The net proceeds of the Offering will be used for the development, construction and maintenance of the Company’s Gunnison Copper Project, including the acquisition of long lead items, and for working capital requirements. All common shares issued in the first tranche of the Offering are subject to a statutory four month hold period that expires on April 22, 2018. The securities being offered hereby have not been, nor will they be, registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons ...