12:00 PM EDT, 09/09/2025 (MT Newswires) -- Excellon Resources ( EXNRF ) shares fell 5.6% Tuesday after the company closed its previously announced best-efforts private placement for $12 million, including the full exercise of the agents' option.

The company said it sold about 60 million common shares at $0.20 each. Canadian businessman Eric Sprott, through 2176423 Ontario, a company he beneficially owns, subscribed for 10 million shares on the same terms as other investors.

Excellon said proceeds will be used to advance development of the Mallay mine, for working capital and for general corporate purposes.

Shares of the company were last seen down $0.0175 at $0.2975 on the TSX Venture Exchange.