Mr. Eric Sprott, a shareholder, reports
ERIC SPROTT ANNOUNCES ACQUISITION OF SECURITIES OF EXCELLON RESOURCES INC.
Eric Sprott has acquired ownership and control of 6,666,667 units of Excellon Resources Inc. at a price of 45 cents per unit, with each unit comprising one common share of the corporation and one-half of one share purchase warrant. Each warrant entitles the holder thereof to acquire one additional share at a price of 65 cents per warrant share for a period of 24 months from the date of issuance of the warrant.
The units represent approximately 15.4 per cent of the currently issued and outstanding shares on a partially diluted basis.
As of the date hereof, after giving effect to the acquisition, Mr. Sprott beneficially owns, or exercises control or direction over, 8,727,256 shares and 3,333,333 common share purchase warrants. Based on the foregoing, Mr. Sprott beneficially owns, or exercises control or direction over, approximately 14.1 per cent of the currently issued and outstanding shares on a non-diluted basis, and approximately 18.5 per cent of the currently issued and outstanding shares on a partially diluted basis.
The units were purchased from the corporation on a private placement basis.
The units were acquired for investment purposes. Mr. Sprott has a long-term view of the investment and Mr. Sprott does not intend at this time to acquire additional shares, but may acquire additional shares either on the open market or through private acquisitions, or sell the shares either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
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