I'm a BuyerBased on the latest financial statements available (September 30, 2020) Excelsior had 239,630,082 shares outstanding and another 20,965,000 shares under warrant exercisable at various prices for a total of 260,595,082 shares.
The offering has been upsized to 29,000,000 shares with warrants for another 29,000,000 shares and the over-allotment of 4,350,000 will result in approximately 323 million shares outstanding assuming all warrants are exercised. Or an increase in the number of shares outstanding of 23.9%.
As a result of all that happening the company will receive new capital of approximately $50 million (USD) based on the current exchange rate.
As I type this, copper is at $3.76. Excelsior's financial models are based on copper at $2.75. That's an increase of 36.7%. That would boost the NPV from $730 million to north of $1 billion. Not to mention that many are projecting copper going to $4 and even $5.
At an NPV of $1 billion and a conservative take-out value of approximately 65% - 70% of NPV, Excelsior could have a purchase value of approximately $2.15 USD a share, maybe higher. I think we'll see the company bought out prior to Stage 3 and quite possibly shortly after nameplate. It's 73 cents USD as I write this. Do your own due diligence but I'm staying in and will be buying more.
I live in Arizona and my office is about 20 minutes from Excelsior's office. The mine is about three hours away. I've been to the office four or five times meeting with Steve and at the mine twice for tours. I have gotten to know several members of the Excelsior team personally. For people to disparage their motives on this board is uncalled for and does not reflect the dedication they have to bring this mine to complete nameplate production.