Copper producer Excelsior raises $14 mln from Greenstone Resources

Canadian copper producer Excelsior Mining Corp (TSX-V: MIN) has closed a funding deal with U.K. mining and metals private equity firm Greenstone Resources. The deal, which consists of a private placement of common shares and royalty financing, provided the company with gross proceeds of US$14 million. As a result of the private placement, Greenstone now holds about 50.4 percent of Excelsior’s issued and outstanding shares. Vancouver-based Excelsior said the transaction's net proceeds will be used for continued development of its Gunnison Copper Project in Arizona and other priorities.

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