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Excelsior Mining Corp. Announces Oversubscription of Private Placement
VANCOUVER, British Columbia, Dec. 19, 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. 19, 2017 (GLOBE NEWSWIRE) -- Excelsior Mining Corp. (TSX:MIN) (FSE:3XS) (OTCQX:EXMGF) (\"Excelsior\" or the “Company”) is pleased to announce that following oversubscriptions, its non-brokered private placement announced on December 11, 2017 has been upsized, to raise a total of C$38,635,200 million (approximately US$30 million) through the issuance of 38,635,200 million common shares of Excelsior (the “Common Shares”) at a price of C$1.00 per Common Share (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. The Offering is non-brokered; however, Clarksons Platou Securities AS and Tamesis Partners LLP have been engaged by Excelsior to act as finders in connection with the Offering and will be entitled to finder’s fees. The Offering is subject to a number of conditions, including, without limitation, the execution of definitive documentation, receipt of all regulatory approvals, including the final approval of the Toronto Stock Exchange. Subject to these conditions precedent, the first tranche of the Offering is expected to close on or around December 21, 2017. The Company also confirms that an affiliate of Greenstone Resources L.P. (“Greenstone”) intends to acquire 16,467,200 Common Shares in the Offering for total gross proceeds of Cdn$16,467,200. Greenstone will close its portion of the Offering in a second tranche in accordance with the terms of its pre-emptive right. Greenstone currently holds 84,410,897 Common Shares (representing 50.36% of the Company’s current issued and outstanding Common Shares). After the closing of the first and second tranche of the Offering, Greenstone will hold a total of 100,878,097 Common Shares, which will represent approximately 48.91% of Excelsior’s issued and outstanding Common Shares (post-closing of the Offering). Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"), Greenstone’s participation in the Offering constitutes a \"related party transaction\" as Greenstone is a related party of the Company. The Company is relying on an exemption from the formal valuation and minority shareholder app...