2012 News Releases
Excelsior Closes $1 Million Financing
June 29, 2012
Excelsior Mining Corp. (TSX-V: MIN) (Frankfurt: 3XS) (OTCQX: EXMGF) (“Excelsior”) is pleased to announce that it has closed its previously announced non-brokered private placement offering (the “Offering”) of units of Excelsior ("Units"). Specifically, Excelsior raised aggregate gross proceeds of C$1,015,000, through the issuance of 3,383,334 Units at a price of $0.30 per Unit. Each Unit consists of one common share and one half of one common share purchase warrant (each whole warrant a “Warrant”). Each Warrant shall be exercisable to acquire one common share for a period of 24 months at an exercise price equal to $0.50.
At any time after four months and one day from the date of the closing of the Offering, if the volume weighted average trading price of the common shares of Excelsior on the TSX Venture Exchange is greater than $0.70 per share for 20 consecutive trading days, Excelsior may give written notice to warrant holders that the Warrants will expire 30 calendar days after the date of such notice.
The Company intends to use the net proceeds of the Offering to continue to advance its Gunnison Copper Project and for general corporate and working capital purposes.
Excelsior paid a cash finder's fee on certain subscriptions equal to 5% of the gross proceeds received from such subscriptions. Excelsior also issued 152,500 non-transferrable finder’s warrants ("Finder's Warrants"). Each Finders Warrant shall be exercisable to acquire one common share for a period of 24 months at an exercise price equal to $0.50.
All securities issued in the Offering are subject to a statutory four month hold period expiring on October 29, 2012.
The securities being offered hereby have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state or province in which such offer, solicitation or sale would be unlawful.
Excelsior is an exploration and development company with a copper project located within the Copper Porphyry Belt of Arizona. The Gunnison Copper Project is located close to the required infrastructure and its oxide resource has the potential to be mined using in-situ recovery methods. The Excelsior team consists of experienced professionals with proven track records of advancing projects towards production.
Further details about Excelsior can be found at: http://www.excelsiormining.com.
ON BEHALF OF THE EXCELSIOR BOARD
Excelsior Mining Corp.
JJ Jennex, Vice President, Corporate Affairs
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES