The Company intends to use the proceeds from the Private Placement for exploration of the Company’s portfolio of resource properties in Mexico and for general working capital.
During the quarter ended June 30, 2020, the Company raised Cdn$1,000,000 through the issue of 20,000,000 shares at an issue price of Cdn$0.05 per share, which financing was closed after the end of the quarter.
Excellon Resources Inc. is pleased to report that shareholders voted in favour of all items of business, including the election of directors at the 2020 Annual Meeting held on August 13, 2020.
Greg McKenzie, President and CEO commented, “We are pleased with the overwhelming support in this capital raise and are keen to move forward with the advancement of the Company’s 100% owned San Diego Project, as well as other strategic opportunities.”
Riverside’s President & CEO, John-Mark Staude stated, “We are delighted to work closely together with Alberto Orozco and the highly experienced Mexico-based technical team on the Peñoles Mining District and the launching of this new spin-out company, Capitan Mining.”
In aggregate, the company issued a total of 25,641,902 Units for gross proceeds of $3,974,495.
The net proceeds of the Offering will be used to fund the Proposed Transaction, complete any required work program in relation to the Proposed Transaction and for general working capital purposes.
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