TORONTO, July 14,
2022 /CNW/ - Excellon Resources Inc. (TSX:
EXN) (NYSE: EXN) and (FSE: E4X2) ("Excellon" or the
"Company") is pleased to announce that the NYSE American LLC
("NYSE American") has accepted the Company's plan to regain
compliance with the continued listing standards set forth in
Sections 1003(a)(i-iii) of the NYSE American Company Guide (the
"Company Guide"). Excellon submitted its plan on
May 31, 2022, and has been granted a
plan period through October 30,
2023.
As previously reported on May 5,
2022, Excellon was notified by the NYSE American that the
Company was not in compliance with the continued listing standards
as set forth in Section 1003(a)(i)-(iii) of the Company Guide
related to insufficient stockholders' equity.
This notice has no immediate impact on the listing of the
Company's common stock on the NYSE American. The listing of
Excellon's common stock is being continued during the plan period,
during which time NYSE American staff will review the Company
periodically for compliance with the initiatives outlined in the
plan. If the Company is not in compliance with the continued
listing standards by October 30, 2023
or if the Company does not make progress consistent with the plan
during the plan period, NYSE American staff may initiate delisting
proceedings as appropriate. The Company may appeal a staff
delisting determination in accordance with Section 1010 and Part 12
of the Company Guide. The Company's common stock will also continue
to trade on the Toronto Stock Exchange.
Board of Directors
Update
Excellon also reports that Anna
Ladd-Kruger has been invited to join the Board of Directors
of Silvercrest Metals Inc. and will consequently be stepping down
from the Board of Excellon on July 31,
2022.
"Anna has been a great contributor to the Company since joining
us in 2019, first as CFO, and subsequently as a director," stated
André Fortier, Chair of the Board of Directors. "We wish her the
very best in her future endeavours and congratulate her on her
appointment to Silvercrest."
About Excellon
Excellon's vision is to create wealth by realizing strategic
opportunities through discipline and innovation for the benefit of
our employees, communities and shareholders. The Company is
advancing a precious metals growth pipeline that includes:
Kilgore, an advanced gold
exploration project in Idaho with
strong economics and significant growth and discovery potential; an
option on Silver City, a high-grade epithermal silver district in
Saxony, Germany with 750 years of
mining history and no modern exploration; and Platosa, a high-grade
silver mine producing in Mexico
since 2005, scheduled to wind-down in Q3 2022, with an 11,000
hectare exploration package on Mexico's carbonate replacement deposit (CRD)
trend. The Company is also actively seeking to capitalize on
current market conditions by acquiring undervalued projects.
Additional details on Excellon's
properties are available at
www.excellonresources.com.
Forward-Looking
Statements
The Toronto Stock Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of the content
of this Press Release, which has been prepared by management. This
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 27E of the
Exchange Act. Such statements include, without limitation, mineral
resources estimates, the future results of operations, performance
and achievements of the Company, including potential strategic
transactions, the timing, content, cost and results of proposed
work programs, the discovery and delineation of mineral
deposits/resources/reserves, geological interpretations, proposed
production rates, potential mineral recovery processes and rates,
business and financing plans, business trends and future operating
revenues. Although the Company believes that such statements are
reasonable, it can give no assurance that such expectations will
prove to be correct. Forward-looking statements are typically
identified by words such as: believe, expect, anticipate, intend,
estimate, postulate and similar expressions, or are those, which,
by their nature, refer to future events. The Company cautions
investors that any forward-looking statements by the Company are
not guarantees of future results or performance, and that actual
results may differ materially from those in forward looking
statements as a result of various factors, including, but not
limited to, variations in the nature, quality and quantity of any
mineral deposits that may be located, significant downward
variations in the market price of any minerals produced, the
Company's inability to obtain any necessary permits, consents or
authorizations required for its activities, to produce minerals
from its properties successfully or profitably, to continue its
projected growth, to raise the necessary capital or to be fully
able to implement its business strategies. All of the Company's
public disclosure filings may be accessed via www.sedar.com
and readers are urged to review these materials. This press release
is not, and is not to be construed in any way as, an offer to buy
or sell securities in the United
States.
SOURCE Excellon Resources Inc.