Excellon ResourcesInc. said March 31 that Eric Sprott will invest C$3.0 million in thecompany through a nonbrokered equity placement of 6,666,667 units at 45 Canadiancents apiece.
Each unit will consist of one common share and 0.5 of a sharepurchase warrant, with each whole warrant exercisable for one common Excellon shareat 65 cents for a 24-month period from the closing date.
Excellon plans to use the proceeds from the investment for theongoing implementation of its optimizationplan at the Platosasilver mine in Mexico — the phase two of which is expected to start in April withthe drilling of primary dewatering wells — and for general working capital.
The financing is expected to close on or before April 8, subjectto the completion of formal documentation and the receipt of regulatory approvals.