VANCOUVER, British Columbia, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQX: EXMGF) ("Excelsior" or the “Company”) announced today that it has entered into an agreement with Scotiabank and PI Financial Corp. as joint bookrunners and underwriters (the “Underwriters”), pursuant to which the Underwriters have agreed to buy on a bought deal basis 21,100,000 units (the “Units”) of the Company, at a price of C$0.95 per Unit for gross proceeds of approximately C$20 million (the “Offering”). Each Unit consists of one common share (each a “Common Share”) and one warrant (each a “Warrant”). Each Warrant is exercisable to acquire a Common Share (each a “Warrant Share”) at an exercise price of C$1.25 for a period of 18 months from the closing of the Offering.
The Company has also granted the Underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 3,165,000 Units to cover over-allotments, if any, and for market stabilization purposes. The Offering is expected to close on February 22, 2021 and is subject to the Company receiving all necessary regulatory approvals, including the approval of the Toronto Stock Exchange.