Excelsior Mining Enters Agreement For $4 Million Bought Deal Financing

Excelsior Mining Corp. (TSXV:MIN) has entered into an agreement with Dundee Securities Ltd. to purchase, on a “bought deal” basis by way of a short form prospectus, 16,000,000 units of Excelsior at a price of $0.25 per unit for total gross proceeds of $4,000,000. Net proceeds from the offering will be used to continue to develop Excelsior’s Gunnison Copper Project as well as for working capital and general corporate purposes.

As quoted in the press release:

he Underwriter has been granted the option to purchase up to an additional 15% of the Offering, exercisable in whole or in part at any time up to 30 days after the closing of the Offering (the “Option”). In the event that the Option is exercised in its entirety, the aggregate gross proceeds to the Company from the Offering will be $4,600,000. Each Unit shall consist of one common share (“Share”) of the Company and one-half of one common share purchase warrant. Each whole common share purchase warrant shall entitle the holder thereof to acquire one Share at a price of $0.45 for a period of 24 months following the closing of the Offering.

Click here to read the Excelsior Mining Corp. (TSXV:MIN) press release