Xander Resources closes $420,000 private placement
2021-10-13 17:01 ET – News Release
Mr. Deepak Varshney reports
XANDER RESOURCES ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT AND GRANTS OPTIONS
Subject to the approval of the TSX Venture Exchange, Xander Resources Inc. has closed its non-brokered private placement issuing an aggregate of 4.2 million units of the company at a price of 10 cents per unit, raising gross proceeds of up to $420,000.
Each unit consists of one common share and one transferable share purchase warrant exercisable at 20 cents per share for a period of two years from the date of closing of the private placement.
Deepak Varshney, the president, chief executive officer 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)). The company relied upon sections 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 per cent 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 finders’ 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 13 cents for a period of five years, in accordance with its stock option plan.
About Xander Resources Inc.
Xander Resources is a Canadian mineral acquisition and exploration company based in Vancouver, B.C., Canada. Xander is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Val d’Or, Que. Its flagship project is the Senneville project in the Val d’Or mining camp. The project comprises over 100 square kilometres and 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 million tonnes grading 0.94 per cent lithium oxide (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.
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