On May 15, 2024, Excellon Resources Inc. closed the transaction. The company issued 3,414,555 Units at a price of CAD 0.18 per unit for the gross proceeds of CAD 614,619.9 in final tranche. Under the Offering, the Company sold a total of 7,356,632 Units at a price of CAD 0.18 per Unit for aggregate gross proceeds to the Company of approximately CAD 1,324,193.76.

The Offering remains subject to the final approval of the Toronto Stock Exchange. In connection with the closing of all tranches of the Offering, the Company paid cash finder's fees in the aggregate amount of approximately CAD 43,598 and issued a total of 104,210 non-transferable finder's warrants on the same terms as the Warrants to certain arm's length parties in consideration of Units sold to subscribers introduced by such parties.