Excelsior Energy Announces Additional Non-Brokered Private Placement for Up to $6 Million

Excelsior Energy Limited (TSX VENTURE:ELE) reported that the company intends to complete an additional non-brokered private placement (the “$6m Private Placement”) of: (i) up to 10,416,667 units at a price of $0.48 per Unit for aggregate gross proceeds of up to $5.0 million; and (ii) up to 4,166,667 common shares at a price of $0.24 per Common Share for aggregate gross proceeds of up to $1.0 million.

The press release is quoted as saying:

Each Unit will consist of one (1) Common Share at an issue price of $0.24 per Common Share, one (1) Common Share issued on a “flow-through” basis pursuant to the provisions of the Income Tax Act (Canada) (“Flow-Through Share”) at an issue price of $0.24 per Flow-Through Share and two (2) Common Share purchase warrants (each, a “Warrant”), each Warrant entitling the holder thereof to purchase one Common Share at an exercise price of $0.32 at any time within 60 months from the date of issuance.

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