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PHOENIX, Arizona–(Newsfile Corp. – February 9, 2023)- Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQB: EXMGF) (“Excelsior” or “Company”) today announced that it has closed a private placement of its US$3 million unsecured convertible debentures (“bond offerPursuant to the bond offering, investors will be able to purchase USD 3 million aggregate principal amount of convertible debentures (“corporate bond”. The terms of the bonds are as follows.
- A maturity date of three years from the closing date (“maturity date“), along with any unpaid interest payable on maturity, along with the principal amount, unless converted earlier in accordance with the terms;
- Bonds bear interest (“interest“) at an annual rate of 10%, with interest payable on 1 April 2025 and on maturity.common stock“);
- The principal amount of the debentures is convertible, at the holder’s option, into common stock at a conversion price of $0.19 per common share.
- Accrued and unpaid interest is convertible into common stock at a conversion price equal to the volume-weighted average price of common stock on the Toronto Stock Exchange on the five trading days preceding the conversion date.and
- The bonds are unsecured.
The Company intends to use the proceeds of the bond offering for project development costs and working capital.
Greenstone Resources LP (“green stone“) and its affiliates currently hold 116,028,937 shares of common stock, representing 41.86% of the Company’s current outstanding common stock. It also owns and manages 1,250,000 options on (with all interest payments at maturity and a conversion price of US$0.19), Greenstone owns approximately 3.7% of the Company’s currently outstanding and outstanding common stock. will acquire ownership and control of an additional 10,263,158 shares of common stock, representing 10,263,158 shares, representing a total of 126,292,095 shares of common stock currently owned and managed by Greenstone. which collectively represents approximately 43.93% of the outstanding common stock (assuming only the bonds held by Greenstone are converted, and assuming conversion, maturity of Interest on all securities up to $0.19.Greenstone acquired the Notes for investment purposes.Depending on market conditions and other factors, Greenstone may acquire and/or dispose of Excelsior securities from time to time, or may currently Copies of the early warning reports required to be filed with the applicable Securities Commission in connection with the acquisition of the Notes are available on SEDAR at: www.sedar.com Available by contacting Gavin Hayman on +44 1481749700. Greenstone’s address is:
Greenstone contact information
Greenstone Resource LP
PO Box 656, East Wing, Trafalgar Court,
Les Banks, St Peter Port, Guernsey
GY1 3PP
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Pursuant to Multilateral Agreement 61-101 – Protection of minority shareholders in special transactions (“MI 61-101”), Greenstone is a related party of the Company and, therefore, Greenstone’s participation in the offering constitutes a “related party transaction.” We rely on the exemptions from the formal evaluation and minority shareholder approval requirements of MI 61-101 pursuant to the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101. At the time Greenstone’s participation in the Debt Offering is agreed, and to the extent that the Debt Offering involves related parties, neither the fair market value of the securities distributed in the Debt Offering, nor the consideration received for those securities, not exceed 25%. Company market capitalization. The details of our related party participation were close to closing and we wanted to close quickly for sound business reasons. The debentures and underlying common stock acquired by Greenstone are acquired pursuant to an exemption from the prospectus requirements of Section 2.3 of National Instrument 45-106.
The Company also announces the following in connection with the Second Amendment to the Amended and Restated Credit Agreement (“Second Amendment ARCA“) Nebari Natural Resources Credit Fund I LP (“persistence”), which issued 2,368,421 shares of common stock to Nebari candidates.
About Excelsior Mining
Excelsior”Copper Solution Companyis a mineral exploration and production company that owns and operates the Gunnison Copper Project in Cochise County, Arizona. The project is a low-cost, environmentally friendly, on-site recovery copper extraction project that produces 125 million pounds of copper annually. Cathode permits Excelsior also owns a portfolio of exploration projects, including the previously producing Johnson Camp Mine and the Peabody Sill, Strong and Harris deposits.
For more information on Excelsior, please visit www.excelsior.com. www.excelsiormining.com.
For more information about this press release, please contact:
Excelsior Mining Corporation
Concord Place, Suite 300, 2999 North 44th Street, Phoenix, Arizona, 85018.
Sean Westcott
Phone: 604.365.6681
E: [email protected]
www.excelsiormining.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking information” regarding anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes, but is not limited to, statements regarding the following: (i)) use of the proceeds of the bond offering; (ii) future production and capacity from our mineral projects;
In some cases, forward-looking information is “planned”, “expected” or “not expected”, “budgeted”, “scheduled”, “estimated”, “forecast”, “intended” It can be identified using words such as ‘, ‘expect’, ‘unexpect’ or ‘believe’ or any variation of such words or phrases or any particular action, event or outcome that ‘could’ or ‘could’ , “may”, “may”, “will occur” implying future results or other expectations, beliefs, plans, objectives, assumptions, intentions or statements regarding future events or performance Or “achieved”. Forward-looking information contained in this news release includes, among other things, the availability of financing for the implementation of our business plans, estimates of mineral resources and mineral reserves, and the realization of resources and reserve estimates. based on the factors and assumptions of Expectations and expected impact of the COVID-19 outbreak, prices of copper and other metals, timing and amounts of future development spending, estimates of initial and ongoing capital requirements, estimates of labor and operating costs (acid prices availability of labor, materials and acid supplies, receipt and compliance with required regulatory approvals and permits, estimates of insurance coverage, and assumptions regarding currency fluctuations, environmental risks, title disputes or claims; and other similar issues. We believe these assumptions are reasonable based on currently available information, but they may prove to be incorrect.
Forward-looking information involves known and unknown risks, uncertainties and our actual results, performance or achievements may differ materially from future results, performance or achievements expressed or implied by forward-looking information. Includes other factors that may vary. Such factors include the risks associated with changes in project parameters as plans continue to be redefined, including the potential for mining operations at the Gunnison Copper Project not to be maintained, which are inherent in the construction and operation of mineral deposits. Risks, including risks associated with mineral fluctuations. risks related to resources and reserves, grade or recovery, ability to access infrastructure; risks related to changes in copper and other commodity prices; and risks related to global supply and demand for copper and related products. , the risks associated with increasing competition in the market for copper and related products, the risks associated with the current global financial conditions, and the impact of COVID-19 on our business. , the uncertainty inherent in estimating mineral resources, access and supply risks, the ability to access acid supplies on commercially reasonable terms, reliance on keys, which include accidents, labor disputes, capital costs and operational costs. Includes increased costs and the risk of delays or increased costs that may occur during the construction or mining process. risks that may not be obtained in a timely manner or at all; funding, capitalization and liquidity risks; risks related to property and interest disputes; environmental risks; Additional Risks Identified in Applicable Canadian Securities Regulatory Submissions.
Although we have attempted to identify important factors that could cause our actual actions, events or results to differ materially from those set forth in the forward-looking information, we do not anticipate any future actions, events or results. , estimates, or other factors that may cause it to differ from expectations. was intended. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is current as of the date of this news release. We undertake no obligation to publicly update or revise any forward-looking information, except as required by applicable securities laws.
To view the source version of this press release, please visit: https://www.newsfilecorp.com/release/154284
