TORONTO, ONTARIO, Apr 5, 2016 (Marketwired via COMTEX) — Eric Sprott ("Sprott") announced today that he acquired (the "Acquisition") ownership and control of 6,666,667 units (the "Units") of Excellon Resources Inc. (the "Corporation") at a price of $0.45 per Unit, with each Unit being comprised of one common share of the Corporation (a "Share") and one-half of one Share purchase warrant (each whole Share purchase warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one additional Share (a "Warrant Share") at a price of $0.65 per Warrant Share for a period of 24 months from the date of issuance of the Warrant. The Units represent approximately 15.4% of the currently issued and outstanding Shares on a partially diluted basis.
As of the date hereof, after giving effect to the Acquisition, Sprott beneficially owns, or exercises control or direction over: (i) 8,727,256 Shares; and (ii) 3,333,333 common share purchase warrants. Based on the foregoing, Sprott beneficially owns, or exercises control or direction over, approximately 14.1% of the currently issued and outstanding Shares on a non-diluted basis, and approximately 18.5% of the currently issued and outstanding Shares on a partially diluted basis.
The Units were purchased from the Corporation on a private placement basis.
The Units were acquired for investment purposes. Sprott has a long-term view of the investment and Sprott does not intend at this time to acquire additional Shares, but may acquire additional Shares either on the open market or through private acquisitions or sell the Shares either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
This press release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Corporation is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Corporation's documents on the System for Electronic Document Analysis and Retrieval and may also be obtained by contacting Sprott at (416) 362-7172.
FOR FURTHER INFORMATION PLEASE CONTACT: Eric Sprott 200 Bay Street, Suite 2700 Royal Bank Plaza, South Tower Toronto, Ontario M5J 2J1
Original Article: http://www.marketwatch.com/story/eric-sprott-announces-acquisition-of-securities-of-excellon-resources-inc-2016-04-05
