Toronto, Ontario – January 9, 2023 – Excellon Resources Inc. (TSX:EXN, NYSE:EXN and FRA:E4X2) (“Excellon” or the “Company”) is announcing that its Board of Directors has approved the voluntary delisting of the Excellon common shares (“Excellon Shares”) from the NYSE American stock market and the deregistration with the U.S. Securities and Exchange Commission (the “SEC”). Excellon has notified the NYSE American of its intention to voluntary delist the Excellon Shares from the NYSE American. The Company currently anticipates that it will file with the SEC a Form 25, Notification of Removal of Listing and/or Registration Under Section 12(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), relating to the delisting and deregistration on or about January 20, 2023, with the delisting of Excellon Shares taking effect no earlier than ten days thereafter. As a result, the Company expects that the last trading day of the Excellon Shares on the NYSE American will be on or about January 30, 2023.
Following satisfaction of the relevant deregistration conditions under the applicable U.S. federal securities laws, the Form 25 will also terminate the Company’s reporting obligations under the Exchange Act. The Company expects that its reporting obligations will be suspended upon filing of the Form 25.
The Excellon Shares are expected to continue their listing on the Toronto Stock Exchange (“TSX”). In addition, Excellon has filed an application for the Excellon Shares to be quoted on the OTC Markets in the
United States, operated by OTC Markets Group Inc. Excellon will continue to provide information to its shareholders and take such actions to enable a trading market in the Excellon Shares to exist in the United
States. There is no guarantee, however, that a broker will continue to make a market in the Excellon Shares and that trading of the Excellon Shares will continue on the OTC Markets or otherwise or that the Company will continue to provide information sufficient to enable brokers to provide quotes for the Excellon Shares in the United States.
The Board of Directors of the Company believes that the decision to delist the Excellon Shares from the NYSE American and to terminate its reporting obligations under the Exchange Act is in the best interest of the Company and its shareholders. The Board has determined that the burdens associated with operating as a company listed on the NYSE American outweigh any advantages to the Company and its shareholders at this time. The Board’s decision was based on careful review of numerous factors, including the
requirements associated with NYSE American listing standards and that, as also announced today by the Company, delisting from the NYSE American and SEC deregistration is a condition of the Company’s pending acquisition of the La Negra mine.
Excellon reserves the right, for any reason, to delay any of the filings described above, to withdraw them prior to effectiveness, and to otherwise change its plans in respect of delisting and deregistration and
termination of its reporting obligations under applicable U.S. federal securities laws in any way.
Excellon’s vision is to realize opportunitiesthrough the acquisition of advanced development or producing
assets with further potential to gain from an experienced operational management team for the benefit of our employees, communities and shareholders. The Company is advancing a portfolio of silver, base metals and precious metals assets including Kilgore, an advanced gold exploration project in Idaho; and Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and no modern exploration. As recently announced, the Company has also entered into an agreement to acquire La Negra, a past-producing Ag-Zn-Cu-Pb mine with exploration potential, located in Mexico.
Additional details on Excellon’s properties are available at www.excellonresources.com.
For Further Information, Please Contact:
Excellon Resources Inc.
Shawn Howarth, President & Chief Executive Officer
Daniel Hall, Chief Financial Officer