Excellon Resources Inc (TSX:EXN, OTCQB:EXNRF) announced the closing of its previously disclosed private placement of common shares, raising gross proceeds of C$12 million.
The financing included the full exercise of the agents' option.
Under the offering, the company issued 60 million common shares at a price of C$0.20 per share.
Excellon said it plans to use the net proceeds to advance the development of the Mallay Mine in Peru, as well as for working capital and general corporate purposes, in line with its amended offering document.
Red Cloud Securities and Velocity Capital Partners acted as co-lead agents and joint bookrunners for the transaction.
They were joined by Haywood Securities, Beacon Securities Limited, and Integrity Capital Group under an agency agreement dated September 9, 2025.