Excelsior Mining has closed its upsized bought deal public offering.
Excelsior Mining Corp. (MIN) is pleased to announce that it has closed its previously announced and upsized "bought deal" public offering with Scotiabank and PI Financial Corp. as joint bookrunners and underwriters. The underwriters exercised the over-allotment option in full and as a result, the Company issued a total of 33,350,000 units at a price of C$0.95 per unit for gross proceeds of C$31,682,500. Each unit consists of one common share and one warrant. Each warrant is exercisable to acquire a common share at an exercise price of C$1.25 until August 22, 2022. The warrants will trade on the Toronto Stock Exchange under the symbol MIN.WT.
The net proceeds from the offering will be used for working capital requirements and for the development, sustaining capital and maintenance of the company's mineral properties.
Excelsior Mining is a mineral exploration and production company that owns the Gunnison Copper Project in Cochise County, Arizona.
Excelsior Mining (MIN) is down 2 per cent, trading at C$0.98 per share at 11:50 am EST.