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Excelsior Mining Announces Closing of Second Tranche of Private Placement
VANCOUVER, British Columbia, Jan. 22, 2018 (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, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Excelsior Mining Corp. (TSX:MIN) (FSE:3XS) (OTCQX:EXMGF) (\"Excelsior\" or the “Company”) is pleased to announce that it has closed the second and final tranche of its non-brokered private placement (the “Private Placement”) (see press releases dated December 11, 2017, December 19, 2017 and December 21, 2017). The second tranche resulted in the Company issuing 16,467,200 common shares at a price of C$1.00 per common share for gross proceeds of C$16,467,200 (approximately US$12.8 million). The second tranche was subscribed for by an affiliate of Greenstone Resources L.P. (“Greenstone”). The first and second tranches of the Private Placement resulted in the Company issuing 38,635,200 common shares for aggregate gross proceeds of approximately US$30 million. Pursuant to the Private Placement, Greenstone purchased, by way of a treasury offering, common shares of Excelsior at a price of C$1.00 per common share for total gross proceeds of US$12.8 million. Settlement occurred in United States dollars and the exact number of common shares issued was determined based on a C$/US$ exchange rate of US$1.00 being equal to C$1.2865 (the “Exchange Rate”). Based on the Exchange Rate, upon closing of the Private Placement, Greenstone was issued 16,467,200 common shares (representing approximately 8.67% of Excelsior’s current issued and outstanding common shares). Prior to the closing of the second tranche of the Private Placement, Greenstone owned 84,410,897 common shares of Excelsior, representing approximately 44.45% of the issued and outstanding common shares. As a result of the closing of the Private Placement, Greenstone now holds a total of 100,878,097 common shares, which represents approximately 48.89% of Excelsior’s issued and outstanding common shares, representing an increase of approximately 4.4% from its ownership of common shares of Excelsior prior to completion of the second tranche of the Private Placement. The common shares issued to Greenstone in the Private Placement are subject to a statutory four-month plus one-day hold period expiring on May 20, 2018. Stephen Twyerould, President & CEO, said, “This financing secures a significant amount of funding that allows us to continue advancing our Gunnison Copper Project towards production. It is the ...