Offering's proceeds earmarked to advance the Gunnison Copper Project
By Devika Patel
Knoxville, Tenn., Feb. 18 - Excelsior Mining Corp. said it has increased a non-brokered private placement of units. The deal priced for C$7 million on Wednesday and now will raise C$8 million.
The company will now sell 13,333,333 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.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$8 million
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Units: | 13,333,333
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Price: | C$0.60
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Warrants: | One half-share warrant per unit
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Warrant expiration | Two years
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Warrant strike price: | C$1.00
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Agent: | Non-brokered
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Pricing date: | Feb. 16
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Upsized: | Feb. 18
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Stock symbol: | TSX Venture: MIN
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Stock price: | C$0.71 at close Feb. 15
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Market capitalization: | C$13.92 million
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