Company Announcement: Oversubscribed A$5m Share Placement
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Excelsior Gold Limited is pleased to announce that it has completed a placement to professional and sophisticated investors to subscribe for 27.78 million shares at $0.18 per share, raising $5 million before costs of the issue. The Placement, jointly managed by BBY Limited and Veritas Securities Limited, is being conducted in accordance with the shareholder approval obtained at the AGM on 29 November 2012 and is consistent with the “excluded offer” provisions of section 708 of the Corporations Act. The capital raising places Excelsior in a stronger financial position, with funds raised to be predominately used for resource definition drilling at the Zoroastrian deposit and other satellite deposits, as well as providing additional working capital.
David Hamlyn, Excelsior’s Managing Director said “We are pleased with the response from investors with the Placement being oversubscribed. The capital raising was supported by existing shareholders as well as new professional and sophisticated investors. We are pleased with the outcome of the capital raising, which provides additional funding to fast track our exploration activities, continue to drill out the Zoroastrian deposit, and advance the prefeasibility studies.” Settlement of the Placement is scheduled for 28 February 2013 and shares issued under the Placement will rank equally with existing Excelsior shares.
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