The Conversation (0)
Excelsior Mining (TSX.V:MIN) has entered into a subscription agreement for financing with an affiliate of Greenstone Resources L.P., for total gross proceeds of US$14.0 million. According to the press release: The financing consists of a private placement of common shares (the “Private Placement”) at CDN$0.45 per share for gross proceeds of US$10.0 million and the …
Excelsior Mining (TSX.V:MIN) has entered into a subscription agreement for financing with an affiliate of Greenstone Resources L.P., for total gross proceeds of US$14.0 million.
According to the press release:
The financing consists of a private placement of common shares (the “Private Placement”) at CDN$0.45 per share for gross proceeds of US$10.0 million and the sale of a 1% gross revenue royalty on the Gunnison Copper Project (the “Royalty Financing”) for gross proceeds of US$4.0 million. Upon closing, Excelsior would be fully funded through to a decision to construct and the expected completion of the permitting process. Receipt of final operating permits is expected in Q2, 2017. Construction is scheduled to begin in Q3 of 2017, with commercial production anticipated in 2018.
Stephen Twyerould, President & CEO, said, “Our ability to secure a non-dilutive royalty financing in combination with a common share equity placement priced at a premium to the current share price, and all within the context of a bottoming copper price, is another major endorsement of the Gunnison Copper Project. With all the required funding in place to see us through to the projected completion of the permitting process, we have dramatically de-risked our project and helped ensure that we will remain on schedule for production of copper cathode in 2018. Greenstone Resources is one of the most technically astute resource funds operating in the financial markets today; their continued financial support validates our industry-leading project economics and the ability of our management team to execute.”