Excelsior Mining Corp. announced a private placement of unsecured convertible debentures for the gross proceeds of $3 million in a round of funding on January 30, 2023, The transaction will include participation from Greenstone Resources Ltd. and TF R&S Canada Ltd. a wholly-owned subsidiary of Triple Flag Precious Metals Corp. and affiliate of Triple Flag International Ltd. which holds the stream on the Gunnison Copper Project.

The bonds bear an interest rate of 10% which Interest will be payable on April 1, 2025 and on the maturity date, unless earlier converted into common shares; the principal amount of the debenture is convertible into common shares at the option of the holder at a conversion price of $0.19 per common share; the accrued and unpaid Interest is convertible into common shares at a conversion price equal to the volume weighted average trading price on the Toronto Stock Exchange for the five trading days prior to the date of conversion. The transaction is expected to close by February 17, 2023.