Update on Financing NRGreenstone obviously has great confidence in MIN....
. NEWS RELEASE
Excelsior Provides Financing Update
November 14, 2016
Excelsior Mining Corp. (TSX-V: MIN) (FSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the “Company”) is pleased to provide an update on the previously announced US$14 million Private Placement and Royalty financing (the “Financing”) with an affiliate of Greenstone Resources L.P. (“Greenstone”). For further details, please see Excelsior’s News Release dated September 29, 2016.
The Company has satisfied all conditions for Greenstone to initiate its drawdown process and the parties have set November 25th as the closing date for the Financing. After the closing of the Private Placement, Greenstone will hold a total of 84,410,897 common shares, which will represent approximately 50.4% of Excelsior’s issued and outstanding common shares (post-closing of the Private Placement). Upon the closing of the Royalty Financing and after taking into consideration Greenstone’s existing 2% gross revenue royalty, Greenstone will own a 3% gross revenue royalty on the Gunnison Copper Project.
The Company also announces it has granted incentive stock options to purchase a total of 150,000 common shares of Excelsior at an exercise price of $0.52 per share to an investor relations consultant. The options have a term of five years.