Excelsior Mining Corp.
  • Excelsior Mining (MIN) has closed a US$3 million private placement of unsecured convertible debentures
  • The debentures have a maturity date of three years from the date of closing and bear interest of 10 per cent per annum
  • Net proceeds will be used for project development expenses and working capital
  • Excelsior is a mineral exploration and production company
  • Excelsior Mining Corp. (MIN) opened trading at C$0.30

Excelsior Mining (MIN) has closed a private placement of unsecured convertible debentures.

Under the offering, investors subscribed for a total of US$3 million principal amount of convertible debentures.

The terms of the debentures include:

  • A maturity date of three years from the date of closing with the principal amount, together with any accrued and unpaid interest, payable on the maturity date
  • The debentures bear interest of 10 per cent per annum, payable on April 1, 2025 and on the maturity date, unless converted into common shares
  • The principal amount of debenture is convertible into shares at the option of the holder at a conversion price of US$0.19 per share

Net proceeds will be used for project development expenses and working capital.

Greenstone Resources L.P. and its affiliated entities currently hold 116,028,937 common shares. Greenstone also owns and controls 1,250,000 options to acquire common shares. Upon conversion of the debentures held by Greenstone (assuming conversion of all interest payments on the maturity date, Greenstone would acquire ownership and control over an additional 10,263,158 common shares, representing approximately 3.7 per cent of the company’s current issued and outstanding common shares.

Excelsior is a mineral exploration and production company. It owns and operates the Gunnison Copper Project in Cochise County, Arizona.

Excelsior Mining Corp. (MIN) opened trading at C$0.30.


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