EXCELSIOR MINING CORP. ("MIN")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement, Private Placement-Non-Brokered
BULLETIN DATE: December 15, 2015
TSX Venture Tier 1 Company
Acquisition
TSX Venture Exchange has accepted for filing an Asset Purchase Agreement (the "APA") dated October 7, 2015 between Excelsior Mining Corp. (the "Company") and Christopher G. Linscott (the "Receiver") and Excelsior Mining JCM Inc, a wholly owned Arizona subsidiary of the Company. Under the terms of the APA, the Company will acquire, through the Receiver, the Johnson Camp property (the "Property") including all fee title property, all patented and unpatented mining claims, all improvements, equipment, certificates of deposit, reports and records free and clear of all liens and all back-taxes. The Company will acquire the Property for total cash consideration of US$8,400,000 as follows:
* US$5,200,000 due on or prior to closing
* US$1,000,000 due on or before December 31, 2016, and
* US2,200,000 due on or before December 31, 2017
The transaction is arm's length.
Private Placement
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced October 8, 2015:
Number of Shares: 23,081,362 shares
Purchase Price: $0.23 per share
Number of Placees: 1 Placee
Insider / Pro Group Participation:
Insider=Y /
Name ProGroup=P # of Shares
Greenstone Excelsior Holdings L.P. Y 23,081,362
Pursuant to Corporate Finance Policy 4.1, Section 1.11(d), the Company must issue a news release announcing the closing of the private placement and setting out the expiry dates of the hold period(s). The Company must also issue a news release if the private placement does not close promptly.
For further information, please see the Company's news releases dated October 8, 2015 and December 15, 2015.
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