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Excelsior Mining closes US$9.4 million equity placement with Greenstone Resources

The Arizona-focused copper mine developer issued Greenstone with over 13 million shares
Gunnison mine site in Arizona
Pictured is the Gunnison mine site in Arizona

Excelsior Mining Corp (TSE:MIN) (OTCMKTS: EXMGF) said it had completed the previously announced US$9.4 million equity placing with private equity fund and mining sector specialist Greenstone Resources.

The Arizona-focused copper mine developer issued Greenstone with over 13 million shares at a total subscription price of US$9.443 million, or equal to around C$0.95 per share.

Greenstone, founded in 2013, now holds around 48.56% of Excelsior's capital.

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

The Greenstone team has over 80 years' experience in the sector covering all aspects of mining projects and is acquiring the Excelsior shares for investment purposes.

The stock deal with Greenstone was related to a previously announced project financing package for Excelsior.

The financing, now closed, allowing it to begin building its Gunnison mine, is to be provided by Triple Flag Mining Finance Bermuda Ltd (Triple Flag), and consists of a US$65 million copper metal stream and concurrent US$10 million private placing of Excelsior shares.

Gunnison site on-track fo copper

Gunnison is an in-situ recovery copper project in Cochise County and is on track to be the next new copper producer in the United States.

A feasibility study projected an after-tax NPV (net present value) of US$ 807 million and an IRR (internal rate of return) of 40% using a US$ 2.75 per pound copper price and a 7.5% discount rate.

Excelsior shares stand at $0.97 at the time of writing.

 

Contact Giles at [email protected]

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