Business
Excelsior Mining Secures US$75 Million Project Financing Package
Phoenix, Arizona--(Newsfile Corp. - October 31, 2018) - Excelsi or Mining Corp. (TSX : MIN...
About this update from Gunnison Copper Corp.
[{"type":"text","content":"Excelsior Mining Secures US$75 Million Project Financing PackagePhoenix, Arizona--(Newsfile Corp. - October 31, 2018) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQX: EXMGF) (\"Excelsior\" or the \"Company\") is pleased to announce that the Company has entered into an agreement for a US$75 million project financing package. This comprehensive funding plan will enable Excelsior to transition the fully-permitted Gunnison Copper Project in southeastern Arizona into America's next new copper producer.Stephen Twyerould, the President & CEO, commented, \"In today's challenging mining market, only quality projects are able to secure funding. This financing delivers superior long-term economics for shareholders and allows us to quickly move into construction this year. Excelsior's pathway to achieving producer status is now clear, and we look forward to bringing the USA's next new strategic metal producer online in 2019.\"Shaun Usmar, CEO of Triple Flag Mining Finance Ltd., commented, \"Triple Flag is excited to partner with Excelsior to finance the Gunnison Copper Project. Our flexible and innovative financing will allow the Gunnison Copper Project to quickly proceed to construction and production over the next year, delivering a new, low-cost source of American copper. We congratulate the Excelsior team for its impressive progress in advancing this project to fully funded status.\"Financing Package HighlightsThe US$75 million project financing package (collectively, the \"Financing\") will be provided by Triple Flag Mining Finance Bermuda Ltd. (\"Triple Flag\"), and consists of a US$65 million copper metal stream (the \"Stream\") and a concurrent US$10 million private placement of common shares of Excelsior (the \"Equity Placement\"). The closing of these funding commitments is subject to various conditions, including the approval of the Toronto Stock Exchange. The Financing is expected to close during November 2018 (the \"Closing Date\"). Benefits for ExcelsiorThe Financing provides Excelsior with a comprehensive project funding solution that would cover all capital expenditures and working capital requirements related to the start-up of the Gunnison Copper Project. The Stream is not subject to interest payments and is unsecured, thereby allowing for future project debt financing to expand the project production capacity up...