Business
Excelsior Mining Corp. Closes $4 Million Bought Deal Financing and Announces Management Changes
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNI...
About this update from Gunnison Copper Corp.
[{"type":"text","content":"\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nVANCOUVER, June 27, 2014 /CNW/ - Excelsior Mining Corp. (\"Excelsior\" or the \"Company\") (TSX-V: MIN) is pleased to announce that it has completed its previously announced bought deal financing (the \"Offering\") led by Dundee Securities Ltd. (the \"Underwriter\").  Pursuant to the Offering, 16,000,000 units of the Company (the \"Units\") were issued at a price of $0.25 per Unit for total gross proceeds of $4,000,000. The Underwriter has been granted the option to purchase up to an additional 15% of the Offering, exercisable in whole or in part at any time up to 30 days after the closing of the Offering.\n\nEach Unit consists of one common share (\"Share\") of the Company and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder thereof to acquire one Share at a price of $0.45 for a period of 24 months following the closing of the Offering.\n\nThe net proceeds of the Offering will be used for the continued development of the Company's Gunnison Copper Project and for working capital.\n\nIn connection with the Offering, the Underwriter has received a cash commission equal to 6.0% of the gross proceeds raised under the Offering and that number of non-transferable broker warrants equal to 6.0% of the number of Units sold.  Each broker warrant is exercisable into one Share of the Company for a period of 24 months from the Closing Date at a price of $0.45.\n\nThis news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the Unites States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.\n\nManagement Changes\n\nExcelsior is pleased to announce that Mark Morabito who was previously Chairman of the Board has been appointed as Executive Chairman of the Company. Mr. Morabito has been the Chairman of the Company since 2010 and in his expanded role as Executive Chairman he will have primary responsibility for capital markets, financing and shareholder communications. In addition, Roland Goodgame who was previou...