VANCOUVER, British Columbia, Dec. 21, 2017 (GLOBE NEWSWIRE) -- Excelsior Mining Corp. (TSX:MIN) (FSE:3XS) (OTCQX:EXMGF) ("Excelsior" or the “Company”) is pleased to announce that it has closed the first tranche of its non-brokered private placement (the “Offering”) (see press releases dated December 11, 2017 and December 19, 2017). The Company has issued 22,168,000 common shares at a price of C$1.00 per common share for gross proceeds of C$22,168,000 (approximately US$17.2 million). The second and final tranche of the Offering consists of an additional 16,467,200 common shares at a price of C$1.00 for gross proceeds of C$16,467,200 (approximately US$12.8 million). The second tranche will be subscribed for by an affiliate of Greenstone Resources L.P. (“Greenstone”) and is expected to close in the first half of January, 2018 after customary closing conditions are satisfied.
“The Offering was oversubscribed with strong support from major North American, UK and European based institutional investors alongside Greenstone, the Company’s major shareholder,” said, President & CEO, Stephen Twyerould. “With this financing, pre-construction activities at Gunnison will continue on pace as we prepare to seamlessly transition to well-field construction as planned, upon the receipt of the final permit and project finance, expected in the New Year. Backed by stakeholders that share our commitment for technical excellence and environmental stewardship, we remain on-track for copper production in 2018.”
The Offering is non-brokered; however, Clarksons Platou Securities AS and Tamesis Partners LLP were engaged by Excelsior to act as finders in connection with the Offering and were paid finder’s fees on the first tranche of 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. All common shares issued in the first tranche of the Offering are subject to a statutory four month hold period that expires on April 22, 2018.
The securities being offered hereby have not been, nor will they be, registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Excelsior Mining
Excelsior Mining “The Copper Solution Company” is a mineral exploration and development company that is advancing the Gunnison Copper Project in Cochise County, Arizona. The project is an advanced staged, low cost, environmentally friendly in-situ recovery copper extraction project that is scheduled for commercial production in 2018. The 2016 Feasibility Study projected an after-tax NPV of US$ 807 million and IRR of 40% using a US$ 2.75 copper price and a 7.5 discount rate.
Excelsior’s technical work on the Gunnison Copper Project is supervised by Stephen Twyerould, Fellow of AUSIMM, President & CEO of Excelsior and a Qualified Person as defined by National Instrument 43-101. Mr. Twyerould has reviewed and approved the technical information contained in this news release.
Additional information about the Gunnison Copper Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: “Gunnison Copper Project, NI 43-101 Technical Report, Feasibility Study” dated effective December 17, 2016.
For more information on Excelsior, please visit our website at www.excelsiormining.com.
