Excelsior Mining Announces Closing of Bought Deal Financing and Full Exercise of Over-Allotment Option

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Algemeen advies 22/02/2021 15:59
Vancouver, British Columbia--(Newsfile Corp. - February 22, 2021) - Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the "Company") is pleased to announce that it has closed its previously announced and upsized "bought deal" public offering of units of the Company (the "Units") with Scotiabank and PI Financial Corp. as joint bookrunners and underwriters (the "Underwriters"). The Underwriters exercised the over-allotment option in full and as a result the Company issued a total of 33,350,000 Units at a price of C$0.95 per Unit for gross proceeds of C$31,682,500 (the "Offering"). Each Unit consists of one common share (each a "Common Share") and one warrant (each a "Warrant"). Each Warrant is exercisable to acquire a Common Share (each a "Warrant Share") at an exercise price of C$1.25 until August 22, 2022. The Warrants will trade on the Toronto Stock Exchange under the symbol MIN.WT.

The net proceeds from the Offering will be used for working capital requirements and for the development, sustaining capital and maintenance of the Company's mineral properties.

The Units, Common Shares, Warrants and Warrant Shares 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 does not constitute an offer of securities for sale in the United States.

About Excelsior Mining

Excelsior "The Copper Solution Company" is a mineral exploration and production company that owns the Gunnison Copper Project in Cochise County, Arizona. The project is a low cost, environmentally friendly in-situ recovery copper extraction project that is permitted to 125 million pounds per year of copper cathode production. The Feasibility Study projected an after-tax NPV of US$807 million and an IRR of 40% using a US$ 2.75 per pound 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

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