Excellon is focused on optimizing Platosa's cost and production profile, discovering further high-grade silver and carbonate replacement deposit mineralization

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Excellon and Otis shareholders approve business combination. (Credit: Adam Radosavljevic from Pixabay.)

Excellon Resources and Otis Gold are pleased to announce that all resolutions put forth in connection with their proposed business combination to be completed by way of a plan of arrangement were overwhelmingly approved today at the special meeting of shareholders of Excellon and at the annual general and special meeting of shareholders of Otis.

Excellon President & CEO Brendan Cahill stated: “We are grateful for the strong support of our shareholders for our acquisition of Otis Gold and look forward to realizing the opportunity we see in the Kilgore Project. The world has changed since we announced this transaction, but gold has played its role as the ultimate store of value and wealth, increasing in value against an historically unsettled period in the broader market. We wish everyone the best of health and a return to everyday life as soon as possible.”

Otis President & CEO Craig Lindsay stated: “I  am very pleased that the proposed transaction with Excellon was overwhelmingly approved by shareholders of both Otis and Excellon. We are excited to partner with an experienced producer to advance the Kilgore Project. We look forward to the future growth opportunities this combination creates.”

Excellon Shareholder Approvals

At the Excellon Meeting, the ordinary resolution authorizing the maximum number of common shares of Excellon (“Excellon Shares”) issuable in connection with the Arrangement (the “Share Issuance Resolution”) was approved by approximately 98.39% of all shareholders of Excellon present in person or represented by proxy at the Excellon Meeting. The shareholders of Excellon who participated in the vote represented approximately 50.82% of all issued and outstanding Excellon Shares entitled to vote on the Share Issuance Resolution.

In addition, at the Excellon Meeting, the special resolution authorizing the consolidation of all of the issued and outstanding Excellon Shares (the “Consolidation Resolution”) was approved by approximately 91.54% of all shareholders of Excellon present in person or represented by proxy at the Excellon Meeting. The shareholders of Excellon who participated in the vote represented approximately 50.82% of all issued and outstanding Excellon Shares entitled to vote on the Consolidation Resolution.

The consolidation ratio, if deteremined to be in the best interests of Excellon, will be selected by the Excellon board of directors in its sole discretion, provided that the ratio shall be no smaller than one new post-consolidation Excellon Share for each five (5) pre‑consolidation Excellon Shares and no larger than one new post-consolidation Excellon Share for each ten (10) pre-consolidation Excellon Shares. The consolidation will occur at a time determined by the Excellon board of directors and announced by a press release.

Source: Company Press Release