Excelsior Mining Corp. (TSX:MIN) was off and flying on markets Wednesday, on word of an agreement for a $75-million U.S. project financing package, which would help the company get its Gunnison Copper Project in Arizona into the next new American copper producer.
The package will reportedly will be provided by Triple Flag Mining Finance Bermuda Ltd., consisting of $65 million U.S. for a copper metal stream, the remaining $10 million for private placement of common shares of Excelsior
CEO Stephen Twyerould commented, "In today's challenging mining market, only quality projects are able to secure funding. This financing delivers superior long-term economics for shareholders and allows us to quickly move into construction this year. Excelsior's pathway to achieving producer status is now clear, and we look forward to bringing the USA's next new strategic metal producer online in 2019."
The stock traveled 15 cents, or 16.1%, to $1.08 by midday Wednesday, on volume of more than 202,000 shares.
