Mr. Brendan Cahill reports
EXCELLON PROVIDES UPDATE ON FILING SCHEDULE FOR FIRST QUARTER 2020 FINANCIAL RESULTS
Excellon Resources Inc. will postpone the filing of its interim financial statements and management's discussion and analysis for the three-month period ended March 31, 2020. The Company intends to rely on the blanket relief granted by Ontario Instrument 51-502 - Temporary Exemption from Certain Corporate Finance Requirements and comparable relief granted by other Canadian Securities Administrators in respect of its obligation under National Instrument 51-102 - Continuous Disclosure Obligations, which provides for up to a 45-day extension for periodic filings. Management expects to file interim financial reports on or before June 1, 2020.
The following material business developments have occurred since March 31, 2020, being the date of the last financial reports filed by the Company:
On April 2, 2020, in response to the growing concerns around the spread of COVID-19 and Mexican government directives, mining, milling and exploration activities were temporarily suspended at Platosa Mine, Miguel Auza concentrator and the Evolucion Project;
- On April 17, 2020, shareholders of Excellon and Otis overwhelmingly approved all resolutions put forth in connection with the previously announced business combination by way of a plan of arrangement;
- On April 22, 2020, the British Columbia Supreme Court granted the final approval of the business combination of Excellon and Otis;
- On April 23, 2020, the Company announced the successful completion of the business combination, pursuant to which Excellon acquired all of the issued and outstanding common shares of Otis;
- On April 30, 2020, the Company provided an update on operations in Mexico and extended the temporary suspension of mining, milling and exploration activities to May 31, 2020 in response to additional government directives; and
- On May 7, 2020, the Company announced an update on the Plan of Operations for the Kilgore Project in Idaho and the United States Federal District Court for the District of Idaho's decision amending its December 2019 judgment to require further environmental analysis for the Dog Bone Ridge area.
The Company confirms that its management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
Excellon's vision is to create wealth by realizing strategic opportunities through discipline and innovation for the benefit of our employees, communities and shareholders. The Company is advancing a precious metals growth pipeline that includes: Platosa, Mexico's highest-grade silver mine since production commenced in 2005; Kilgore, a high quality gold development project in Idaho with strong economics and significant growth and discovery potential; and an option on Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and no modern exploration. The Company also aims to continue capitalizing on current market conditions by acquiring undervalued projects.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.