Excellon Resources Inc (TSX:EXN, OTCQB:EXNRF) said it has closed the final tranches of its previously announced non-brokered private placement offering for aggregate gross proceeds of approximately $615,000.
It sold an additional 3,414,555 units at $0.18 each under the final tranches.
The company sold a total of 7,356,632 units for aggregate gross proceeds of approximately $1.3 million under the offering.
Each unit consisted of a share of the company and a share purchase warrant entitling the holder to acquire a share at $0.27 for two years.
The proceeds of the offering will be used by the company to advance its mineral projects and for general working capital and corporate purposes.
Additionally, the company has used a portion of the proceeds to receive final assay results from its 2,100-metre drill program at the Kilgore project in 2022, as announced on May 7, 2024.
Excellon Resources is advancing a portfolio of gold, silver and base metals assets including Kilgore, an advanced gold exploration project in Idaho, and Silver City, a high-grade epithermal silver district in Saxony, Germany.