Xander Resources Announces Closing of Non-Brokered Private Placement and Grants Options
TheNewswire - October 13, 2021 - Xander Resources Inc. (TSXV:XND) (FSE:1XI) (OTC:XNDRF) (“Xander” or the “Company”) announces that, subject to the approval of the TSX Venture Exchange (the “Exchange”) it has closed its non-brokered private placement (the “Private Placement”) issuing an aggregate of 4,200,000 units (each a “Unit”) of the Company at a price of $0.10 per Unit raising gross proceeds of up to $420,000 (the “Proceeds”).
Each Unit consists of one common share (a “Share”) and one transferable share purchase warrant exercisable at $0.20 per Share for a period of two (2) years from the date of closing of the Private Placement.
Deepak Varshney, the President, CEO and a director of the Company, subscribed for 500,000 Units, Dwayne Yaretz, Corporate Secretary and a director of the Company subscribed for 50,000 Units and James Hirst, a director of the Company, subscribed for 100,000 Units. As a result, the Private Placement is a related party transaction (as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”)). The Company relied upon section 5.5(a) and 5.7(a) as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Private Placement exceeds 25 percent of the Company’s market capitalization (calculated in accordance with MI 61-101).
The Proceeds from the Private Placement will be used for exploration on the Company’s portfolio of properties and for general working capital.
All securities issued are subject to a four month hold period in Canada and the Exchange Hold Period. No finder’s fees were paid in connection with the Private Placement.
The Company also announces that it has granted 470,000 incentive stock options to certain directors, officers and consultants, exercisable at $0.13 for a period of 5 years, in accordance with its stock option plan.
About Xander Resources Inc.
Xander Resources Inc. is a Canadian mineral acquisition and exploration company based in Vancouver, BC, Canada. Xander is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Val-d’Or, Quebec. Our flagship project is the Senneville Project in the Val-d’Or Mining Camp. The project comprises over 100 sq. km and is can be divided into two sections: Senneville East, which is gold-focused and contiguous and adjacent to significant gold projects including Probe Metals’ new discovery to the South and Monarch Mining’s project to the North, and Senneville West, which is lithium-focused and in close proximity to North American Lithium’s deposit, which has proven and probable reserves of 17.06 Mt grading 0.94% Li2O, and near an area undergoing intense exploration by companies including Sayona Mining, Great Thunder Gold and First Energy that the Quebec government is developing into a world-class lithium hub.
ON BEHALF OF THE BOARD OF DIRECTORS
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.