TORONTO, July 14, 2022 /CNW/ – Excellon Resources Inc. (TSX: EXN) (NYSE: EXN) and (FSE: E4X2) (“Excellon” or the “Company”) is pleased to announce that NYSE American LLC (“American NYSE“) accepted the Company’s plan to restore compliance with the continuing listing standards set forth in Sections 1003(a)(i-iii) of the NYSE American Company Guide (the “company guide“). Excellon filed its plan on May 31, 2022and was granted a diet period until October 30, 2023.
As stated previously on May 5, 2022Excellon has been advised by the NYSE American that the company is not in compliance with the standards for continuous listing set forth in section 1003(a)(i)-(iii) of the Company Guide regarding insufficient equity.
This notice has no immediate impact on the listing of the Company’s common stock on the NYSE American. The listing of Excellon common stock continues during the period of the plan, during which time NYSE American staff will periodically review the company to ensure that it is in compliance with the initiatives outlined in the plan. If the Company fails to comply with the standards for maintaining listing in October 30, 2023 or if the Company does not progress in accordance with the plan during the plan period, NYSE American personnel may initiate debarment proceedings, as appropriate. The company may appeal a decision to terminate staff in accordance with Section 1010 and Part 12 of the Company Handbook. The Company’s common shares will also continue to trade on the Toronto Stock Exchange.
Excellon also reports that Anna Ladd Kruger has been invited to join the board of directors of Silvercrest Metals Inc. and will therefore leave the board of directors of Excellon on July 31, 2022.
“Anna has contributed greatly to the Company since she joined us in 2019, first as Chief Financial Officer and then as a Director,” said André Fortier, Chairman of the Board of Directors. . “We wish her the best in her future endeavours, and congratulate her on her appointment to Silvercrest.”
Excellon’s vision is to create wealth by realizing strategic opportunities through discipline and innovation for the benefit of our people, communities and shareholders. The Company is advancing a precious metals growth pipeline that includes: Kilgorean advanced gold exploration project Idaho with a strong economy and significant growth and discovery potential; an option on Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and no modern exploration; and Platosa, a high-grade silver mine producing Mexico since 2005, should end in the third quarter of 2022, with an exploration program of 11,000 hectares on from Mexico trend of carbonate replacement deposits (CRD). The Company is also actively seeking to take advantage of current market conditions by acquiring undervalued projects.
Additional details of Excellon properties are available at www.excellonresources.com.
The Toronto Stock Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of the contents of this press release, which was prepared by management. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. These statements include, but are not limited to, mineral resource estimates, future operating results, performance and achievements of the Company, including potential strategic transactions, timing, content, cost and results. proposed work programs, discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, processes and potential rates of mineral recovery, business and financing plans, business trends and revenue from future operations. Although the Company believes these statements to be reasonable, it cannot guarantee that these expectations will prove to be correct. Forward-looking statements are generally identified by words such as: believe, expect, anticipate, intend, estimate, assume and similar expressions, or are those which by their nature refer to future events. The Company cautions investors that the Company’s forward-looking statements are not guarantees of future results or performance, and that actual results may differ materially from those in the forward-looking statements due to a variety of factors, including, but not limited thereto, variations in the nature, quality and quantity of mineral deposits that may be located, significant downward variations in the market price of the minerals produced, the inability of the Company to obtain permits, consents or authorizations necessary for its activities, to produce minerals from its properties successfully or profitably, to pursue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company’s public disclosure documents are accessible via www.sedar.com and readers are encouraged to consult these documents. This press release is not, and should not be construed as, an offer to buy or sell securities of United States.
SOURCE Excellon Resources Inc.
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