Xander Resources arranges $2-million private placement

Feb 10, 2022

2022-02-09 12:13 ET – News Release

Mr. Deepak Varshney reports

XANDER RESOURCES ANNOUNCES PRIVATE PLACEMENT OF UP TO $2,000,000

Xander Resources Inc., subject to the approval of the TSX Venture Exchange, has launched a non-brokered private placement of up to $2-million with the assistance of IBK Capital Corp. from the sale of the following:

Up to 14,285,714 units at seven cents per unit for gross proceeds of up to $1-million;
Up to 10,526,315 charitable and national flow-through units at a price of 9.5 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 final closing of the private placement is expected to occur on or before Monday, Feb. 28, 2022. Completion of the private placement is subject to certain conditions, and receipt of all necessary regulatory approvals.

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.

Finder’s fees may be payable in accordance with the policies of the exchange.

Deepak Varshney, Xander chief executive officer, said: “We are pleased to announce this private placement, which will be used to expand our exploration program at our Timmins nickel project. The financing illustrates the significant investor interest and support for Xander in our exploration efforts and we are thrilled to have IBK Capital as a partner moving forward as we advance the Timmins nickel project.”

Timmins nickel project

Exploration at the Timmins nickel project in 2022 will include:

Completing geophysical surveys and 3-D inversion modelling to refine existing targets identified by historic work;
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.

The property consists of two separate mineral claim blocks and is located within the Timmins mining camp in Ontario, Canada, a highly prolific mining complex with over 100 years of history and well supported by major infrastructure including highways, rail and relatively inexpensive hydroelectric power.

The North block consists of 236 claims located approximately 21 kilometres west of Canada Nickel Company’s (CNC) Crawford project where CNC has completed a preliminary economic assessment only 20 months after the commencement of exploration drilling that indicates 25-year mine with an after-tax net present value (discounted at 8 per cent) of $1.2-billion. It is also situated southwest of Kingsmill, Mahaffy-Aubin and Nesbitt North, properties acquired from Noble Mineral Exploration by Canada Nickel through option agreements earlier in 2021.

The South block consists of 50 claims contiguous to Canada Nickel’s MacDiarmid project where in May, 2021, Canada Nickel announced a secondary discovery through the identification of significant intersections of mineralized dunite similar to the average mineralization initially discovered at Crawford. Geophysical surveys reveal that the MacDiarmid target to be approximately 1.8 kilometres long, indicating a structural footprint averaging 400 metres in width 15 per cent larger than Canada Nickel’s original Crawford’s Main zone discovery.

Qualified person

The technical content of this news release has been reviewed and approved by Andrew Tims, PGeo, a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

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.

https://xanderresources.ca/