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Excellon Resources ( (TSE:EXN) ) has issued an announcement.
Excellon Resources has closed a bought deal private placement and a concurrent brokered private placement, issuing a total of 36,369,500 common shares at C$0.60 each for aggregate gross proceeds of approximately C$21.8 million. The financings were conducted through a syndicate of underwriters using prospectus exemptions in Canada, the U.S. and other jurisdictions, with varying hold periods depending on the exemption used.
Net proceeds from the offering will be allocated to exploration and development of Excellon’s projects in Peru, as well as working capital and general corporate uses, potentially strengthening its ability to advance its asset base. The concurrent investment by Eric Sprott, via 2176423 Ontario Ltd., constitutes a related-party transaction under securities rules, but falls within exemptions that avoid the need for a formal valuation or minority shareholder approval, subject to final acceptance by the TSX Venture Exchange.
The most recent analyst rating on (TSE:EXN) stock is a Hold with a C$0.60 price target. To see the full list of analyst forecasts on Excellon Resources stock, see the TSE:EXN Stock Forecast page.
Spark’s Take on TSE:EXN Stock
According to Spark, TipRanks’ AI Analyst, TSE:EXN is a Neutral.
The score is held down primarily by weak financial performance (zero recent revenue, persistent operating losses, and ongoing cash burn). Offsetting factors are improving technical trend signals and positive operational updates around funding, rehabilitation, and restart/exploration plans, but valuation remains constrained by losses (negative P/E).
To see Spark’s full report on TSE:EXN stock, click here.
More about Excellon Resources
Excellon Resources Inc. is a Canadian mining and exploration company focused on developing mineral projects, with a current emphasis on exploration and development activities in Peru. The company raises capital through equity offerings on the TSX Venture Exchange and related markets to fund project advancement, working capital and general corporate purposes.
Average Trading Volume: 1,858,769
Technical Sentiment Signal: Buy
Current Market Cap: C$174.7M
See more insights into EXN stock on TipRanks’ Stock Analysis page.