ENP Newswire -
Release date- 14082014 -
Settlement will occur in
Details of the Transaction
The transaction is scheduled to close in two separate tranches. The first settlement will occur within 15 business days of this announcement. This first tranche will see Greenstone purchase 20,580,000 common shares, equal to approximately 19.9% of the issued and common shares of Excelsior, in return for gross proceeds of
The second tranche shall require shareholder approval under the rules and policies of the
Assuming shareholder approval is obtained, the second tranche is scheduled to close 15 business days after the Meeting. The second tranche will see Greenstone purchase
Commenting on the transaction, Stephen Twyerould said, 'One of our primary goals for 2014 was to secure a financing partner; we have exceeded our objective by creating a partnership with a firm that has vast knowledge of the mining industry; Greenstone fully intends to apply their wealth of experience to help advance the
As part of the transaction, Greenstone will have the right to nominate two directors to the Excelsior Board. The first director will be nominated on or before the closing of the first tranche of the private placement. The second director will be nominated on or before the closing of the second tranche of the private placement.
The offering is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including the approval of the
The net proceeds of the offering will be used for the continued development of the company's
Greenstone is a private equity fund specialising in the mining and metals sector. The Greenstone team has over 80 years of experience in the sector covering all aspects of mining project development. Further details on Greenstone can be found at www.greenstoneresources.com.
Greenstone is acquiring the securities in the offering described herein for investment purposes. Depending on market conditions and other factors, Greenstone may from time to time acquire and/or dispose of securities of Excelsior or continue to hold its current position.
Excelsior is a mineral exploration and development company that is advancing the
Cautionary Note Regarding Forward-Looking Information
This news release contains 'forward-looking information' concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to (i) the timing and closing of the private placement; (ii) the anticipated use of proceeds of the private placement and (iii) the advancement of the
Such forward-looking information can be identified by the use of word 'will'.
Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and mineral reserves, the realization of resource and reserve estimates, copper and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the
While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information.
Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.
Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward looking information.
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