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Excellon raising C$10M to develop Platosa, Evolución silver projects in Mexico

Excellon Resources Inc. aims to raise C$10 million through a bought-deal offering of 9.5 million units at C$1.06 apiece for exploration and development of the Platosa and Evolución silver properties in Mexico. Closing is expected around Aug. 27.

Each unit comprises one share and half of a warrant, with each whole warrant exercisable at C$1.40 apiece for 24 months.

The company said Aug. 6 that it agreed to grant the underwriters led by Cormark Securities Inc. an overallotment option to increase the offering by up to 15%, in which case gross proceeds would rise to about C$11.5 million.

A July 2018 resource estimate on Platosa outlined indicated resources of 485,000 tonnes of ore grading 549 g/t silver, 5.6% lead and 5.9% zinc, representing 8.6 million ounces of silver, 59.8 million pounds of lead and 63 million pounds of zinc, or 16.5 million ounces of silver equivalent.