XND:CC - Xander Resources Begins Exploration Work at the Timmins Nickel Project Announces Non-Brokered Private Placement and Closing of Acquisition of Claims West of CNC's Crawford Project
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Vancouver, British Columbia – TheNewswire - November 17, 2022 – Xander Resources Inc.(“Xander” or the “Company”) (TSXV:XND) (OTC:XNDRF) (FSX:1XI) a North American mineral acquisition andexploration company focused on the development of drill-ready batteryand precious metal projects, is pleased to announce that its technicalteam has mobilized and arrived onsite in preparation for the start ofdrilling for its near-term drill program at its Timmins NickelProject (the “Project”) in located inTimmins, Ontario. The Company has begun clearing access roads and theconstruction of drill pads in preparation fordrilling.
The drill program will commence in the coming weeks andis anticipated to comprise between 2,500 and 4,000 metres with a focuson the Company’s “North Block” of claims, in particular nearCanada Nickel Company’s (“CNC”) recently identified ReidDiscovery which has already through early exploration delineated amineralized footprint 90% as large as CNC’s Crawford Project whereCNC has completed a preliminary economic assessment only 20 monthsafter the commencement of exploration drilling that indicates 25-yearmine with an after-tax NPV 8% of $1.2 billion.
Deepak Varshney, CEO of XanderResources stated: “We are very excited to have boots on the groundand look forward to the start of drilling and beginning our journey inTimmins. Commencing exploratory drilling is an important milestone andwe believe that this project is part of the journey we will need totake in North America to secure a domestic supply of nickel.”
The Company is also pleased toannounce that, subject to the approval of the TSX Venture Exchange(the “ Exchange ”), it is proceeding with a non-brokered private placement(the “ PrivatePlacement ”) of up to $600,000 through theissuance of up to 17,142,857 flow-through units (the “ FT Units ”) at aprice of $0.035 per FT Unit.
Each FT Unit will consist of one flow-through commonshare of the Company (the “ FT Shares ”) and one transferable common share purchase warrant (a“ Warrant ”) exercisable at $0.07 per common share (a “ Share ”) for aperiod of two (2) years from the closing date of the PrivatePlacement.
The FT Shares will qualify as flow-through shares forpurposes of the Income TaxAct (Canada) . The proceeds raised from thesale of the Private Placement will be used by the Company to fundexploration programs that qualify as “Canadian ExplorationExpenses” and “flow-through mining expenditures”, as those termsare defined in the IncomeTax Act (Canada) , and, in particular, Xander’sTimmins Nickel Project. The Company will renounce said expendituresto the investors for the taxation year ending December 31,2022.
Finder’s fees may be payable on closing of thePrivate Placement to qualified parties in accordance with the policiesof the Exchange.
The Company also announces that, further to its newsrelease of October 21, 2022, it has received approval from theExchange for the acquisition (the“ Acquisition ”) of 100% interest in certain mineral claims located inTimmins, Ontario, and is proceeding with the issuance of 9,000,000Shares to the vendors.
All securities issued in the Private Placement andAcquisition are subject to the Exchange hold period, plus a holdperiod of four months and one day following the closing date of thePrivate Placement and the Acquisition.
About Xander Resources Inc.
Xander Resources Inc. is a Canadian mineral acquisitionand exploration company based in Vancouver, BC, Canada focused ondeveloping accretive gold and battery metal properties within Canada.The company currently has a focus on projects located within theProvinces of Ontario and Quebec.
Xander is exploring for commercially exploitablemineral deposits and is currently focused on deposits located inVal-d’Or, Quebec, including the Senneville Claim Group whichcomprises over 100 sq. km and is contiguous in the south to ProbeMetals’ new discovery, and contiguous in the north to MonarchMining, in close proximity to Eldorado Gold’s (formerly QMX Gold)projects, and east of the North American Lithium Deposit, GreatThunder Gold’s Chubb Lithium property and East of the SayonaQuebec's Authier Lithium Deposit, all in the Val-d’Or Mining Camp,plus its newly acquired nickel-sulphide project in Timmins, Ontarionear Canada Nickel’s MacDiarmid and Crawford Projects.
ON BEHALF OF THE BOARD OFDIRECTORS
Deepak Varshney, P.Geo., Presidentand CEO
For more information, please email ir@xanderresources.ca , or visit www.xanderresources.ca .
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release.
Forward-looking statements:
This news release may include"forward-looking information" under applicable Canadiansecurities legislation. Such forward-looking information reflectsmanagement's current beliefs and are based on a number of estimatesand/or assumptions made by and information currently available to theCompany that, while considered reasonable, are subject to known andunknown risks, uncertainties, and other factors that may cause theactual results and future events to differ materially from thoseexpressed or implied by such forward-looking information. Readers arecautioned that such forward-looking information are neither promisesnor guarantees and are subject to known and unknown risks anduncertainties including, but not limited to, general business,economic, competitive, political and social uncertainties, uncertainand volatile equity and capital markets, lack of available capital,actual results of exploration activities, environmental risks, futureprices of base and other metals, operating risks, accidents, labourissues, delays in obtaining governmental approvals and permits, andother risks in the mining industry.
The Company is presently anexploration stage company. Exploration is highly speculative innature, involves many risks, requires substantial expenditures, andmay not result in the discovery of mineral deposits that can be minedprofitably. Furthermore, the Company currently has no reserves on anyof its properties. As a result, there can be no assurance that suchforward-looking statements will prove to be accurate, and actualresults and future events could differ materially from thoseanticipated in such statements.
The securities referred to in thisnews release have not been, and will not be, registered under theUnited States Securities Act of 1933, as amended (the “U.S.Securities Act”), or any applicable securities laws of any state ofthe United States, and may not be offered or sold within the UnitedStates or to, or for the account or benefit of, U.S. persons (as suchterm is defined in Regulation S under the U.S. Securities Act) orpersons in the United States unless registered under the U.S.Securities Act and any other applicable securities laws of the UnitedStates or an exemption from such registration requirements isavailable.
This press release does notconstitute an offer to sell or a solicitation of an offer to buy anyof these securities within any jurisdiction, including the UnitedStates. Any public offering of securities in the United States must be made by means of aprospectus containing detailed information about the company andmanagement, as well as financial statements.
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