Excelsior Energy Ltd. (TSX-V: ELE) is planning to complete a non-brokered private placement of up to 10,416,667 units being sold for $0.48 per unit resulting in total gross proceeds of up to $5.0 million. Excelsior will also issue up to 4,166,667 common shares at a price of $0.24 per common share for gross proceeds of up to $1.0 million.
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Each unit will include 1 common share at a price of $0.24 per common share and 1 common share issued on a flow-through basis at a price of $0.24 per flow-through share and 2 common share purchase warrants.
Each warrant enables its holder to purchase 1 common share for $0.32 at any time within 60 months from the date of issuance. Proceeds from the private placement will be used to further delineate the Company’s property in the Hangingstone area of
Excelsior is an early stage, oil sands company with 58 operated sections on two contiguous blocks in the Hangingstone and West Surmont areas of the Athabasca Oil Sands Region near Fort McMurray, Alberta.
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