- Eric Sprott on Tuesday invested $157,500 into gold, silver, lead and zinc miner Excellon Resources (TSX:EXN), which is exploring properties across Germany, Mexico and the United States
- The billionaire investor now owns 4.8 per cent of the company
- Excellon seeks to acquire advanced mineral development or production assets to create value for employees, communities and shareholders
- Excellon Resources stock has given back 26.92 per cent year-over-year and 97.96 per cent since 2019
Eric Sprott on Tuesday invested $157,500 into gold, silver, lead and zinc miner Excellon Resources (TSX:EXN), which is exploring properties across Germany, Mexico and the United States.
Sprott acquired 1,500,000 units through a private placement at a price of $0.105 per unit through 2176423 Ontario Ltd., a corporation he beneficially owns.
Each unit consists of one Excellon Resources common share and one-half of one share purchase warrant, with each warrant allowing the holder to buy one share for $0.15 for 24 months from the date of issuance.
Prior to the acquisition, Sprott controlled 4,293,143 Excellon shares representing 3.7 per cent of the company. Following Tuesday’s investment, he now owns 5,793,143 shares and 750,000 warrants, representing 4.2 per cent of the company on a non-diluted basis and 4.8 per cent on a partially-diluted basis.
Recent treasury issuances have resulted in Sprott’s Excellon position falling by 8.8 per cent since the date of the last filing of an early warning report, causing him to lose insider status at the company.
About Excellon Resources
Excellon seeks to acquire advanced mineral development or production assets to create value for employees, communities and shareholders. Its portfolio includes the past-producing Mallay silver mine and Tres Cerros exploration project in Peru, the Kilgore advanced gold exploration project in Idaho, and Silver City, a high-grade epithermal silver district in Saxony, Germany, with 750 years of mining history and minimal modern exploration.
Excellon Resources stock (TSX:EXN) is down by 5 per cent trading at C$0.095 per share as of 10:29 am ET. The stock has given back 26.92 per cent year-over-year and 97.96 per cent since 2019.
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(Top photo of Excellon Resources’ Kilgore gold property in Idaho: Excellon Resources)