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Excellon Resources Inc (2)
Symbol EXN
Shares Issued 99,269,912
Close 2019-08-06 C$ 1.00
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Excellon Resources arranges $10M bought deal

2019-08-06 10:26 ET - News Release

Mr. Brendan Cahill reports


Excellon Resources Inc. has entered into an agreement with Cormark Securities Inc. as sole bookrunner and lead underwriter, on its own behalf and on behalf of a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 9.5 million units of the company at a price of $1.06 per unit for gross proceeds to the company of approximately $10-million. Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant shall entitle the holder to acquire an additional common share at a price of $1.40 for a period of 24 months following the closing of the offering.

The company has agreed to grant the underwriters an overallotment option to increase the size of the offering by up to an additional 15 per cent, such option being exercisable in whole or in part at any time prior to the date that is 30 days after the closing of the offering, to cover overallotments, if any, and for market stabilization purposes. In the event that the overallotment option is exercised in full, the aggregate gross proceeds of the offering to Excellon will be approximately $11.5-million.

The company intends to use the net proceeds of the offering to finance exploration and capital expenditures at the company's Platosa project in Durango, Mexico, and Evolucion property in Zacatecas, Mexico, for corporate development and for general corporate purposes.

The units will be offered by way of short form prospectus in each of the provinces of Canada, except Quebec, pursuant to National Instrument 44-101. The units will not be offered or sold in the United States except under Rule 144A or Regulation D or in such other manner as to not require registration under the United States Securities Act of 1933, as amended.

The offering is scheduled to close on or before Aug. 27, 2019, and is subject to certain conditions including, but not limited to, receipt of all regulatory approvals, including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities.

About Excellon Resources Inc.

Excellon's 100-per-cent-owned Platosa mine has been Mexico's highest-grade silver mine since production commenced in 2005.

We seek Safe Harbor.

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