/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, June 27, 2014 /CNW/ - Excelsior Mining
Corp. ("Excelsior" or the "Company") (TSX-V: MIN) is pleased to
announce that it has completed its previously announced bought deal
financing (the "Offering") led by Dundee Securities Ltd. (the
"Underwriter"). Pursuant to the Offering, 16,000,000 units of
the Company (the "Units") were issued at a price of $0.25 per Unit for total gross proceeds of
$4,000,000. The Underwriter has been
granted the option to purchase up to an additional 15% of the
Offering, exercisable in whole or in part at any time up to 30 days
after the closing of the Offering.
Each Unit consists of one common share ("Share") of the Company
and one-half of one common share purchase warrant. Each whole
common share purchase warrant entitles the holder thereof to
acquire one Share at a price of $0.45
for a period of 24 months following the closing of the
Offering.
The net proceeds of the Offering will be used for the continued
development of the Company's Gunnison Copper Project and for
working capital.
In connection with the Offering, the Underwriter has received a
cash commission equal to 6.0% of the gross proceeds raised under
the Offering and that number of non-transferable broker warrants
equal to 6.0% of the number of Units sold. Each broker
warrant is exercisable into one Share of the Company for a period
of 24 months from the Closing Date at a price of $0.45.
This news release does not constitute an offer of securities for
sale in the United States. The
securities being offered have not been, nor will they be,
registered under the Unites States Securities Act of 1933, as
amended, and such securities may not be offered or sold within
the United States absent U.S.
registration or an applicable exemption from U.S. registration
requirements.
Management Changes
Excelsior is pleased to announce that Mark Morabito who was previously Chairman of the
Board has been appointed as Executive Chairman of the Company. Mr.
Morabito has been the Chairman of the Company since 2010 and in his
expanded role as Executive Chairman he will have primary
responsibility for capital markets, financing and shareholder
communications. In addition, Roland
Goodgame who was previously Vice President, Exploration has
been appointed Executive Vice President. Mr. Goodgame's
promotion coincides with the movement of the Company into the
feasibility study stage and he will take a lead role in the work
required to complete the feasibility study, reporting directly to
the President & Chief Executive Officer.
About Excelsior
Excelsior is a mineral exploration and development company that
is advancing the Gunnison Copper Project. The Excelsior management
team consists of experienced professionals with proven track
records of advancing mining projects into production.
Further information about the Gunnison Copper Project can be
found in the technical report filed on SEDAR at www.sedar.com
entitled: "Gunnison Copper Project, NI 43-101 Technical Report,
Prefeasibility Study" dated February
14, 2014.
For more information on Excelsior, please visit our website at
www.excelsiormining.com.
ON BEHALF OF THE EXCELSIOR BOARD
"Stephen Twyerould"
President & CEO
Cautionary Note Regarding Forward-Looking
Information
This news release contains "forward-looking information"
concerning (i) the anticipated use of proceeds of the Offering; and
(ii) the advancement of the Gunnison Project.
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 Gunnison Project
in the short and long-term, the progress of exploration and
development activities, the receipt of necessary regulatory
approvals, the completion of the permitting process, the estimation
of insurance coverage, and assumptions with respect to currency
fluctuations, environmental risks, title disputes or claims, and
other similar matters. 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 Gunnison
Project, risks relating to variations in mineral resources and
reserves, grade or recovery rates resulting from current
exploration and development activities, risks relating to the
ability to access infrastructure, risks relating to changes in
copper and other commodity prices and the worldwide demand for and
supply of copper and related products, risks related to increased
competition in the market for copper and related products and in
the mining industry generally, risks related to current global
financial conditions, uncertainties inherent in the estimation of
mineral resources, access and supply risks, reliance on key
personnel, operational risks inherent in the conduct of mining
activities, including the risk of accidents, labour disputes,
increases in capital and operating costs and the risk of delays or
increased costs that might be encountered during the development
process, regulatory risks, including risks relating to the
acquisition of the necessary licenses and permits, financing,
capitalization and liquidity risks, including the risk that the
financing necessary to fund the exploration and development
activities at the Gunnison Project may not be available on
satisfactory terms, or at all, risks related to disputes concerning
property titles and interest, environmental risks and the
additional risks identified in the "Risk Factors" section of the
Company's reports and filings with applicable Canadian securities
regulators.
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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release, and no securities regulatory authority
has either approved or disapproved of the contents of this
release.
SOURCE Excelsior Mining Corp.