Excellon launches C$10m financing
TORONTO (miningweekly.com) – Mexico’s highest-grade silver producer Excellon Resources on Monday announced that it has reached an agreement with Cantor Fitzgerald Canada to lead a syndicate of underwriters, together with Cantor, in a bought deal financing for total proceeds of C$10-million.
The underwriters had agreed to buy 8.69-million units of Excellon at C$1.15 each. Each unit would comprise one common share and one-half of one common share purchase warrant, with each whole warrant entitling the holder to acquire a further common share of the company at a strike price of C$1.75 apiece for a period of 24 months following closing.
Excellon has agreed to grant the underwriters an overallotment option to increase the size of the offering by up to a further 15% at any time up to 30 days after closing. Should the overallotment option be exercised, the offering’s gross proceeds could rise to C$11.5-million.
Excellon planned to use the net proceeds of the offering to fund accelerated exploration at the Platosa project, for capital expenditures at the Platosa mine and the Miguel Auza mill, for working capital expenses, and for general corporate purposes.
The offering was scheduled to close on or before July 26.
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