RE:the endfrankthetank007
When you say, "So weird that a company like EXN wouldn''t at least sell some assets to at least try to make a new deal with the debenture holders. "
Well I think EXN may be selling (handing over) their Mexican assets for $17.9 million to satisfy debenture holders ! ,, Bad investment !
Debenters due June 31st !
What's gone ?
MEXICO
Evolucin Project
and $17.9m in debentures !
What's left
US
Kilgore Project
GERMANY
Silver City Project
EXN will have no debt, with only 32 m shares ! EXN Worth more the $3m $$$$. IMHO Excellon Closes $17.9 Million
Financing
Toronto, Ontario – August 4, 2020 – Excellon Resources Inc. (TSX:EXN, EXN.WT, OTC:EXLLF and FRA:E4X1) ("Excellon" or the “Company") is pleased to announce the closing of the previously announced private placement (the “Financing”) of secured convertible debentures (the “Debentures“) for total proceeds of C$17,910,000.
The Debentures have a term of 36-months and are convertible into common shares (“Common Shares”) of the Company prior to maturity at a conversion price of $1.06 per Common Share. The Debentures bear interest at an annual rate of 5.75%, payable in cash semi-annually. Interest on the Debentures may alternatively be paid in Common Shares of the Company at the Company’s option based on (i) the 10-day volume-weighted average price of the Common Shares prior to the payment date and (ii) an effective annual rate of 10%. The Debentures are secured against the Company’s assets in Mexico.
One big Right Off ! IMHO
M2