Excelsior Energy Limited intends to complete an additional non-brokered private placement (the "$6m Private Placement") of: (i) up to 10,416,667 units ("Units") at a price of $0.48 per Unit for aggregate gross proceeds of up to $5.0 million; and (ii) up to 4,166,667 common shares ("Common Shares") at a price of $0.24 per Common Share for aggregate gross proceeds of up to $1.0 million.

$6m Private Placement Each Unit will consist of one (1) Common Share at an issue price of $0.24 per Common Share, one (1) Common Share issued on a "flow-through" basis pursuant to the provisions of the Income Tax Act (Canada) ("Flow-Through Share") at an issue price of $0.24 per Flow-Through Share and two (2) Common Share purchase warrants (each, a "Warrant"), each Warrant entitling the holder thereof to purchase one Common Share at an exercise price of $0.32 at any time within 60 months from the date of issuance. Not more than between $7.5 million to $8.0 million of Flow-Through Shares (in the aggregate) will be issued under the $6m Private Placement and the Corporation's previously announced $20.0 million non-brokered private placement (the "$20m Private Placement"), which Flow-Through Shares will be allocated in priority to those subscribers who are eligible to use the associated "flow-through" benefit in accordance with the Income Tax Act (Canada).

Proceeds from the $6m Private Placement are intended to be used for further delineation of the Corporation's property in the Hangingstone area of Alberta and for general corporate purposes. The $6m Private Placement and $20m Private Placement are expected to close concurrently with one another.

Tags: Excelsior Energy Limited