The Prospector News

Excellon Announces $3,000,000 Investment by Eric Sprott

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Excellon Announces $3,000,000 Investment by Eric Sprott

 

 

 

 

 

 

 

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.

 

 

About Excellon

 

 

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.

 

Posted March 31, 2016

Share this news article

MORE or "UNCATEGORIZED"


Silvercorp Expands Mineralized Zones at the GC Mine

Silvercorp Metals Inc. (TSX:SVM) (NYSE American: SVM) is p... READ MORE

November 13, 2019

Arizona Silver Announces New High-Grade Gold-Silver Intercepts in Mohave County, Arizona

Arizona Silver Exploration Inc. (TSX-V: AZS) (OTCQB: AZASF)... READ MORE

November 13, 2019

Bayhorse Producing Initial Silver Concentrates

Bayhorse Silver Inc. (TSX-V: BHS) is pleased to announce that it ... READ MORE

November 13, 2019

Balmoral Receives $1,021,729 Exploration Tax Credit Refund

Balmoral Resources Ltd. (TSX:BAR) (TCQX:BALMF) is pleased t... READ MORE

November 13, 2019

Juggernaut Options Large-Scale Copper-Gold Deposit Targets and Forms Exploration Alliance With Hunter Dickinson Inc.

Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF) (FSE: 4J... READ MORE

November 13, 2019

Copyright 2019 The Prospector News - Site design by Spyderbaby Productions