02:05 PM EDT, 04/04/2024 (MT Newswires) -- Excellon Resources ( EXNRF ) said Thursday it will seek nearly $1.4 million via a non-brokered private placement offering of share units.

The company will offer up to 7.5-million units in the financing, with each priced at $0.18 in the financing and made up of a share and a two-year warrant to buy a second share for C$0.27..

The company plans to use the net proceeds to advance mineral projects and for general working capital and corporate purposes.

A portion of the net proceeds will also be used to receive final assay results from the company's 2,100-meter drill program at the Kilgore Project in 2022. The remaining assays include about 1,600 meters of drilling, which will be used for further target identification and continued exploration drilling.

The company's shares were last seen down C$0.005 to C$0.235 on the Toronto Stock Exchange.