Excellon Resources Inc. (TSX:EXN) (OTC:EXLLF) Mexico’s highest grade silver producer, is pleased to announce a non-brokered equity private placement in the Company by Eric Sprott for gross proceeds of C$3,000,000 through the issuance of 6,666,667 units at a price of $0.45 per unit. Each Unit will consist of one common share and one half-share purchase warrant of the Company. Each full Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.65 per share for a period of 24 months from the closing date.
The proceeds from the Financing will be used in the ongoing implementation of the previously announced Optimization Plan at the Platosa Mine and for general corporate purposes. Phase II of the Optimization Plan is expected to commence in early April with the drilling of primary dewatering wells.
A finder’s fee of $60,000 was paid in respect of the investment. The Common Shares issued pursuant to the Financing or the subsequent exercise of the Warrants shall be subject to a four-month hold period from the closing date of the Financing in accordance with applicable securities legislation.
The closing of the Financing is expected to occur on or before April 8, 2016 and is subject to the completion of formal documentation and receipt of regulatory approvals, including the approval of the Toronto Stock Exchange.
Excellon’s 100%-owned Platosa Mine in Durango is Mexico’s highest grade silver mine, with lead and zinc by-products historically making it one of the lowest cash cost silver mines in the country. The Company is positioning itself to capitalize on undervalued projects by focusing on increasing La Platosa’s profitable silver production and near-term mineable resources.
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