Business
Excelsior Mining Announces Closing of US$3,000,000 Financing
Phoenix, Arizona--(Newsfile Corp. - February 9, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: ...
About this update from Gunnison Copper Corp.
[{"type":"text","content":"Excelsior Mining Announces Closing of US$3,000,000 FinancingPhoenix, Arizona--(Newsfile Corp. - February 9, 2023) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) (\"Excelsior\" or the \"Company\") is pleased to announce that today it has closed its US$3 million private placement of unsecured convertible debentures (the \"Debenture Offering\"). Pursuant to the Debenture Offering, investors subscribed for a total of US$3 million principal amount of convertible debentures (the \"Debentures\"). The terms of the Debentures include:a maturity date of three years from the date of closing (the \"Maturity Date\"), with the principal amount, together with any accrued and unpaid interest, payable on the Maturity Date, unless earlier converted in accordance with the terms;the Debentures bear interest (the \"Interest\") at the rate of 10% per annum, which Interest will be payable on April 1, 2025 and on the Maturity Date, unless earlier converted into common shares of the Company (\"Common Shares\");the principal amount of the Debenture is convertible into Common Shares at the option of the holder at a conversion price of US$0.19 per Common Share; the accrued and unpaid Interest is convertible into Common Shares at a conversion price equal to the volume weighted average price of the Common Shares on the Toronto Stock Exchange for the five trading days prior to the date of conversion; andthe Debentures are unsecured.The Company intends to use the proceeds of the Debenture Offering for project development expenses and working capital. Greenstone Resources L.P. (\"Greenstone\") and its affiliated entities currently hold 116,028,937 Common Shares (representing 41.86% of the Company's current issued and outstanding Common Shares). Greenstone also owns and controls 1,250,000 options to acquire Common Shares. Upon conversion of the Debentures held by Greenstone (assuming conversion of all interest payments on the maturity date, using a conversion price of US$0.19), Greenstone would acquire ownership and control over an additional 10,263,158 Common Shares, representing approximately 3.7% of the Company's current issued and outstanding Common Shares. As a result, together with the Common Shares it currently owns and controls, Greenstone would hold a total of 126,292,095 Common Shares, which will represent, in aggregate, approximately 43...