Offering's proceeds earmarked to advance the Gunnison Copper Project
By Devika Patel
Knoxville, Tenn., Feb. 16 - Excelsior Mining Corp. said it has arranged a non-brokered private placement of units. The deal will raise C$7 million.
The company will sell 11,666,666 units at C$0.60 apiece. Each unit will consist of one common share and one half-share warrant. Each full two-year warrant will be exercisable at C$1.00.
The strike price reflects a 40.85% premium to the Feb. 15 closing share price of C$0.71.
Proceeds will be used to advance the Gunnison Copper Project and for general corporate and working capital purposes.
Based in Vancouver, B.C., Excelsior is a copper exploration company.
| Issuer: | Excelsior Mining Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$7 million
|
| Units: | 11,666,666
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration | Two years
|
| Warrant strike price: | C$1.00
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 16
|
| Stock symbol: | TSX Venture: MIN
|
| Stock price: | C$0.71 at close Feb. 15
|
| Market capitalization: | C$12.33 million
|
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