Excelsior Mining extends $15 million facility to 2023

By Mary-Katherine Stinson

Lexington, Ky., Dec. 23 – Excelsior Mining Corp. and its wholly owned subsidiary Excelsior Mining Arizona, Inc. secured an agreement with Nebari National Resource Credit Fund I LP to extend the maturity date of its existing $15 million credit facility to Sept. 29, 2023, according to an announcement.

The proceeds will be used to progress toward and restart the Johnson Camp Mine open pit mining operation, establish a new heap leach facility and achieve associated copper production.

The facility also now has the availability of an additional $15 million subject to certain conditions, increasing the total facility to $30 million, and a further extension of the maturity to July 31, 2024.

The additional $15 million facility provides for an initial draw of $5 million with two additional draws of $5 million each at the sole option of Excelsior Arizona.

This first extension, increase and second extension are subject to certain consents from Triple Flag International Ltd. related to the existing copper purchase and sale agreement.

Triple Flag agreed to amend the agreement in exchange for the removal of company’s right to repurchase portion of the metal stream and the repricing of Triple Flag’s existing 3.5 million common share purchase warrants to C$0.54 per share from C$1.50 per share.

Triple Flag has further agreed to amend and permit the second extension and increase if agreements are reached with Nebari on certain security matters.

In addition, the second extension and increase is also subject to certain other conditions such as additional due diligence by Nebari, the receipt of all required permits for the Johnson Camp Mine operation, additional security over the Strong and Harris project and the completion of the security agreement with Triple Flag.

Nebari and Triple Flag are at arm’s length from the company.

The amendments are subject to Toronto Stock Exchange approval.

There is no guarantee that the conditions of the second extension and facility increase will be satisfied.

Based in Vancouver, B.C., Excelsior is a copper exploration company.

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