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Excelsior Mining increases placing to C$38.63mln due to demand

Last updated: 15:34 19 Dec 2017 EST, First published: 09:45 19 Dec 2017 EST

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Gunnison is a copper project in Cochise county, Arizona.

Excelsior Mining Corp (TSE: MIN, FSE: 3XS, OTCQX: EXMGF) has increased the size of its previously announced financing to more than C$38.63mln from C$26mln due to demand.

The mining firm will now issue 38.635mln shares in the company at C$1 (Canadian) each in the placing, which has been oversubscribed.

READ - Excelsior Mining set for C$26mln raise to advance Gunnison copper project

As reported, the net proceeds will be used to develop, build and maintain its Gunnison copper project In Arizona.

This will include buying long lead items, and for working capital.

The financing is non-brokered but Clarksons Platou Securities AS and Tamesis Partners LLP were hired to act as finders and will be entitled to finders' fees.

The first tranche of the offering is expected to close on or around December 21 this year.

Largest shareholder Greenstone Resources will take part in the placing and intends to acquire around 16.46mln shares for gross proceeds of $16,467,200.

It will close its portion of the offering in a second tranche

It currently holds 50.36% of the capital, and after the closing of the first and second tranche, will hold around 48.91%.

WATCH - Excelsior Mining sitting on a world class copper project in Arizona

Excelsior is positioned to become the newest and one of the lowest-cost copper producers in North America.

Total production is expected to exceed 2.1bln pounds of copper over a 24 year mine life at a total all-in sustaining cash cost of just US$1.23 per pound.

At current copper prices this would leave Excelsior with remarkable margin on its production, and potential for billions of dollars in cumulative cash flow.

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