Proactive Investors - Run By Investors For Investors

Excelsior Mining confirms US$9.4M equity placement to Greenstone Resources LP

The London-based private equity firm now holds close to half of Excelsior's shares
copper project
Excelsior continues to move forward with work at its Gunnison copper project in Cochise County, Arizona

Excelsior Mining Corp (TSE:MIN, OTCMKTS: EXMGF) unveiled encouraging news Wednesday as it announced that it has agreed to sell more than 13 million shares to London-based private equity firm Greenstone Resources LP for US$9.4 million.

The price is C$0.95 per share at current exchange rates.

Upon closing of the transaction and financing from Toronto-based Triple Flag Mining Finance Ltd, Greenstone will hold close to 114 million of Excelsior’s common shares, with a 48.56% stake.

Last month, Excelsior revealed a huge boost to the project, a US$75 million project financing package that sent shares surging.

Excelsior's flagship project is a fully-permitted, advanced staged, low cost, environmentally friendly in-situ recovery copper extraction project at the Gunnison Copper Project in Cochise County, Arizona.

READ: Excelsior Mining poised and preparing for production next year at Gunnison

The stock deal with Greenstone is related to a previously announced project financing package. It’s subject to Toronto Stock Exchange approval and the closing of the Triple Flag financing, according to the company.

Excelsior continues to push ahead with work at the Gunnison copper project in Cochise County, Arizona, where the company is poised to be a major long-term employer for the next 25 years.

Initial production from the US's next new copper producer is scheduled for 2019.

Both basic and detailed engineering are complete, according to the company. 

Shares of Excelsior were at US$0.73 in OTC trading on Wednesday and at C$0.97 in Canada.

Contact Dennis Fitzgerald at [email protected]

View full MIN profile View Profile

Excelsior Mining Corp Timeline

Related Articles

A vessel is loaded up, ready to leave Esperance port with Bald Hill lithium concentrate bound for China
January 16 2019
The merged companies had been equal partners on WA’s Bald Hill spodumene mine.
San Jose project in Spain
January 29 2019
A scoping study demonstrated the company could produce battery-grade lithium hydroxide from Spanish project.
Lithium Australia aspires to ‘close the loop’ on the energy-metal cycle
MD Adrian Griffin will deliver a market outlook at Roskill’s lithium event in Perth this Friday.
Copyright ©, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use