Brief: Excellon Resources To Buy Otis Gold

Excellon Resources

24/02/2020 11:51

Feb 24 (Reuters) - Excellon Resources Inc  EXN.TO :
    * EXCELLON RESOURCES TO ACQUIRE OTIS GOLD CREATING A NEW
MULTI-ASSET PRECIOUS METALS COMPANY
    * EXCELLON RESOURCES INC - WILL ACQUIRE ALL OUTSTANDING
SHARES OF
OTIS AT A SHARE EXCHANGE RATIO OF 0.23 EXCELLON SHARES FOR EACH
OTIS SHARE
    * EXCELLON RESOURCES INC - EACH OTIS WARRANT WILL BECOME
EXERCISABLE FOR EXCELLON COMMON SHARES, AS ADJUSTED IN
ACCORDANCE WITH EXCHANGE RATIO
    * EXCELLON RESOURCES INC -  COMBINED CO WILL BE WELL
FINANCED WITH
US$10 MILLION IN CASH AND AVAILABLE FUNDS
    * EXCELLON RESOURCES INC -  25% OF OTIS GOLD AND 20% OF
EXCELLON
SHAREHOLDERS HAVE ENTERED INTO VOTING SUPPORT AGREEMENTS
    * EXCELLON RESOURCES - UPON COMPLETION OF DEAL, EXISTING
CO'S
SHAREHOLDERS WILL OWN 74%, FORMER OTIS SHAREHOLDERS WILL OWN 26%
OF COMBINED COMPANY
    * EXCELLON RESOURCES INC - AGREEMENT INCLUDES  A RECIPROCAL
BREAK
FEE OF C$1 MILLION PAYABLE BY EITHER PARTY, UNDER CERTAIN
CIRCUMSTANCES
    * EXCELLON RESOURCES INC - AGREEMENT INCLUDES CUSTOMARY
DEAL-PROTECTION PROVISIONS, INCLUDING NON-SOLICITATION OF
ALTERNATIVE TRANSACTIONS
    * EXCELLON RESOURCES INC - IN CONNECTION WITH DEAL, CO IS
SEEKING
TO MAKE APPLICATION TO LIST COMMON SHARES OF COMBINED COMPANY ON
NYSE AMERICAN

Source text for Eikon:  ID:nCNWrRyTLa 
Further company coverage:  EXN.TO 

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