Xander receives drill permits for Timmins project
2022-03-18 19:45 ET – News Release
Mr. Deepak Varshney reports
XANDER RESOURCES RECEIVES DRILL PERMITS FOR TIMMINS NICKEL PROJECT, ANNOUNCES AMENDMENT TO NON-BROKERED PRIVATE PLACEMENT AND CANCELLATION OF OPTIONS
The Ontario Ministry of Northern Development, Mines, Natural Resources, and Forestry has issued exploration drill permits for Xander Resources Inc.’s Timmins nickel project. The exploration drill permit will allow the company to move forward on the following planned phase 1 drill program in 2022 following the closing of the private placement:
- Completing a 10-hole, 2,500-metre core drilling program at its North claim block;
- Completing a three-hole, 1,200-metre core drilling program at its South claim block.
Amendment to non-brokered private placement and extension
The company also wishes to announce that further to its news release dated Feb. 9, 2022, and subject to the approval of the TSX Venture Exchange, it has amended the previously announced non-brokered private placement as follows:
- Up to 14,285,714 units at seven cents per unit for gross proceeds of up to $1-million;
- Up to 12.5 million national flow-through units at a price of eight cents per flow-through unit for gross proceeds of up to $1-million.
Each unit will consist of one common share of the company and one transferable common share purchase warrant exercisable at 10 cents per share for a period of three years from the date of closing. Each flow-through unit will consist of one flow-through common share of the company and one warrant exercisable at a price of 10 cents per share until the expiry date. The net proceeds from the private placement will be used for exploration at Xander’s Timmins nickel project and general working capital.
The company has received an extension from the exchange and the closing of the private placement is expected to occur on or before Friday, April 15, 2022. Completion of the private placement is subject to certain conditions, and receipt of all necessary regulatory approvals. The extension was obtained as it continues to work with IBK Capital Corp. to close the private placement.
All securities issued in the private placement are subject to the exchange hold period, plus a hold period of four months and one day following the closing date of the private placement. Finders’ fees may be payable in accordance with the policies of the exchange.
Option cancellations
Effective March 1, 2022, the company cancelled an aggregate of 319,021 options previously granted to certain consultants on May 4, 2020, Oct. 22, 2021, Oct. 29, 2021, Nov. 4, 2021, and Nov. 26, 2021, at exercise prices of five cents, 13.5 cents, 15.5 cents, 17 cents and 19.5 cents per share.
About Xander Resources Inc.
Xander Resources is a Canadian mineral acquisition and exploration company based in Vancouver, B.C., Canada, focused on developing accretive gold and battery metal properties within Canada. The company currently has a focus on projects located within the provinces of Ontario and Quebec. Xander is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Val d’Or, Que., including the Senneville claim group which comprises over 100 square kilometres and is contiguous in the south to Probe Metals’ new discovery, and contiguous in the north to Monarch Mining, in close proximity to Eldorado Gold’s (formerly QMX Gold) projects, and east of the North American lithium deposit, Great Thunder Gold’s Chubb lithium property and east of the Sayona Quebec’s Authier lithium deposit, all in the Val d’Or mining camp, plus its newly acquired nickel-sulphide project in Timmins, Ont., near Canada Nickel’s MacDiarmid and Crawford projects.
We seek Safe Harbor.