Excellon Announces Closing of Bought Deal Private Placement and Concurrent Private Placement for Gross Proceeds of Approximately C$21.8 Million

Executive Summary

• Excellon Resources closed a bought‑deal private placement of 28,036,000 common shares at C$0.60 per share, raising C$16,821,600 in gross proceeds.
• A concurrent brokered private placement sold an additional 8,333,500 shares to 2176423 Ontario Ltd. (beneficially owned by Eric Sprott) for C$5,000,100, bringing total gross proceeds to C$21,821,700.
• Net proceeds are earmarked for exploration and development of Excellon’s projects in Peru, working capital, and general corporate purposes.

Key Details

• Offering Structure:
• Bought‑Deal Private Placement – 28,036,000 shares @ C$0.60 each → C$16,821,600 gross proceeds (includes underwriters’ option exercise).

• Concurrent Private Placement – 8,333,500 shares @ C$0.60 each → C$5,000,100 gross proceeds sold to 2176423 Ontario Ltd.

• Underwriters & Compensation:

• Co‑lead underwriters/bookrunners: ATB Cormark Capital Markets and Velocity Capital Partners; additional participants – Haywood Securities Inc., Independent Trading Group (ITG), Red Cloud Securities Inc.

• Cash commission to underwriters: 6.0% of gross proceeds, reduced to 3.0% for shares sold to “president’s list” purchasers.

• Total Gross Proceeds: C$21,821,700.

• Use of Proceeds: Exploration and development of Peru projects, working capital, and general corporate purposes (as detailed in the Amended and Restated Offering Document).

• Regulatory Exemptions & Hold Periods:

• Shares issued under the LIFE exemption – no four‑month statutory hold period for Canadian purchasers.
• U.S. and other foreign placements made under applicable securities law exemptions.

• Concurrent placement shares subject to a four‑month hold period expiring 2026‑07‑13.

• Related Party Transaction:

• Eric Sprott, via 2176423 Ontario Ltd., subscribed for the 8,333,500 shares in the concurrent placement.

• Exempt from formal valuation and minority shareholder approval under MI 61‑101 because fair market value does not exceed 25% of market capitalization.

• Closing Conditions: Offering subject to final acceptance by the TSX Venture Exchange.

Notable Quotes

(No direct quotes were provided in the release.)