TORONTO, Sept. 8, 2020 /CNW/ - Excellon Resources
Inc. (TSX: EXN) (TSX: EXN.WT) (OTC: EXLLF) (FRA: E4X1)
("Excellon" or the "Company") is pleased to announce that it
has applied to list its issued and outstanding common shares (the
"Common Shares") on the NYSE American, LLC (the "NYSE
American").
In advance of listing on the NYSE American, Excellon has filed a
Form 40-F registration statement with the United States Securities
and Exchange Commission. Subject to the approval of the NYSE
American and the satisfaction of all applicable listing and
regulatory requirements, the Company expects its Common Shares to
commence trading on the NYSE American by late-September.
Excellon's Common Shares would trade on the NYSE American under
the ticker symbol "EXN". A trading date will be announced once all
regulatory requirements are satisfied. Trading on the OTC under the
ticker symbol EXLLF will cease concurrent with the NYSE American
listing.
"Listing on the NYSE American provides enhanced access to the
world's largest and most liquid equity markets, which we believe
will deliver exceptional value for our shareholders," stated
Brendan Cahill, President and CEO.
"Both institutional and retail investors based in the United States will have significantly
greater ability to invest in Excellon through more familiar
platforms. With our Platosa operation offering direct exposure to
ongoing increases in the silver price, our Kilgore project offering growth potential and
leverage to gold in the excellent jurisdiction of Idaho and Silver City offering a near-term,
high-grade silver discovery opportunity, we believe that Excellon
will be a compelling story for American investors in this rising
precious metals market."
Share Consolidation
In connection with the planned listing on the NYSE American and
pursuant to shareholder approval received on April 17, 2020, the Company will consolidate all
of its Common Shares on the basis of one new post consolidation
Common Share for every five existing pre-consolidation Common
Shares (the "Consolidation").
The Board of Directors of the Company has approved the
Consolidation ratio, which will be effective as of September 10, 2020. The Consolidation reduces the
number of issued and outstanding Common Shares from 159,907,215 to
approximately 31,981,443. Proportionate adjustments will be made to
the Company's outstanding stock options, warrants, restricted share
units, deferred share units and convertible debentures. No
fractional Common Shares will be issued pursuant to the
Consolidation and any fractional Common Shares that would have
otherwise been issued will be rounded to the nearest whole Common
Share.
A letter of transmittal with respect to the Consolidation will
be mailed to the Company's registered shareholders. All registered
shareholders will be required to send their certificate(s)
representing pre-Consolidation Common Shares, along with a properly
executed letter of transmittal, to the Company's registrar and
transfer agent, TSX Trust Company, in accordance with the
instructions provided in the letter of transmittal. Shareholders
who hold their Common Shares through a broker, investment dealer,
bank or trust company should contact that nominee or intermediary
for their post-Consolidation positions. A copy of the letter of
transmittal is posted on the Company's issuer profile on SEDAR. It
is anticipated that the post-Consolidation Common Shares will
commence trading on the Toronto Stock Exchange under CUSIP No.
30069C801 on September 10, 2020. The
Company's ticker symbol "EXN" will remain unchanged.
About Excellon
Excellon's vision is to create wealth by realizing strategic
opportunities through discipline and innovation for the benefit of
our employees, communities and shareholders. The Company is
advancing a precious metals growth pipeline that includes: Platosa,
Mexico's highest-grade silver mine
since production commenced in 2005; Kilgore, a high quality gold development
project in Idaho with strong
economics and significant growth and discovery potential; and an
option on Silver City, a high-grade epithermal silver district in
Saxony, Germany with 750 years of
mining history and no modern exploration. The Company also aims to
continue capitalizing on current market conditions by acquiring
undervalued projects.
Additional details on Excellon's properties are available at
www.excellonresources.com.
Forward-Looking Statements
The Toronto Stock Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of the content
of this Press Release, which has been prepared by management. This
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 27E of the
Exchange Act. Such statements include, without limitation,
statements regarding the future results of operations, performance
and achievements of the Company, including potential property
acquisitions, the timing, content, cost and results of proposed
work programs, the discovery and delineation of mineral
deposits/resources/reserves, geological interpretations, proposed
production rates, potential mineral recovery processes and rates,
business and financing plans, business trends and future operating
revenues. Although the Company believes that such statements are
reasonable, it can give no assurance that such expectations will
prove to be correct. Forward-looking statements are typically
identified by words such as: believe, expect, anticipate, intend,
estimate, postulate and similar expressions, or are those, which,
by their nature, refer to future events. The Company cautions
investors that any forward-looking statements by the Company are
not guarantees of future results or performance, and that actual
results may differ materially from those in forward looking
statements as a result of various factors, including, but not
limited to, variations in the nature, quality and quantity of any
mineral deposits that may be located, significant downward
variations in the market price of any minerals produced, the
Company's inability to obtain any necessary permits, consents or
authorizations required for its activities, to produce minerals
from its properties successfully or profitably, to continue its
projected growth, to raise the necessary capital or to be fully
able to implement its business strategies. All of the Company's
public disclosure filings may be accessed via www.sedar.com and
readers are urged to review these materials, including the
technical reports filed with respect to the Company's mineral
properties, and particularly the September
7, 2018 NI 43-101 technical report prepared by SRK
Consulting (Canada) Inc. with
respect to the Platosa Property. This press release is not, and is
not to be construed in any way as, an offer to buy or sell
securities in the United
States.
SOURCE Excellon Resources Inc.