(TheNewswire)
TheNewswire - October 13, 2021 - Xander ResourcesInc . (TSXV:XND) (FSE:1XI) (OTC:XNDRF) (“ Xander ” or the“ Company ”) announces that, subject to theapproval of the TSX Venture Exchange (the “ Exchange ”) it hasclosed its non-brokered private placement (the “ Private Placement ”)issuing an aggregate of 4,200,000 units (each a “ Unit ”) of theCompany 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 exercisableat $0.20 per Share for a period of two (2) years from the date ofclosing of the Private Placement.
Deepak Varshney, the President, CEO and a director ofthe Company, subscribed for 500,000 Units, Dwayne Yaretz, CorporateSecretary and a director of the Company subscribed for 50,000 Unitsand James Hirst, a director of the Company, subscribed for 100,000Units. As a result, the Private Placement is a related partytransaction (as defined under Multilateral Instrument 61-101Protection of Minority Security Holders in Special Transactions(“ MI 61-101 ”)). The Company relied upon section 5.5(a) and 5.7(a) asneither the fair market value of the subject matter of, nor the fairmarket value of the consideration for, the Private Placement exceeds25 percent of the Company’s market capitalization (calculated inaccordance with MI 61-101).
The Proceeds from the Private Placement will be usedfor exploration on the Company’s portfolio ofproperties and for general workingcapital.
All securities issued are subject to a four month hold period in Canada and the ExchangeHold Period . No finder’s fees were paid inconnection with the Private Placement.
The Company also announces that it has granted 470,000incentive stock options to certain directors, officers andconsultants, exercisable at $0.13 for a period of 5 years, inaccordance with its stock option plan.
About Xander Resources Inc.
Xander Resources Inc. is a Canadian mineral acquisitionand exploration company based in Vancouver, BC, Canada. Xander isexploring for commercially exploitable mineral deposits and iscurrently focused on deposits located in Val-d’Or, Quebec. Ourflagship project is the Senneville Project in the Val-d’Or Mining Camp . The project comprises over 100 sq. km and is canbe divided into two sections: Senneville East, which is gold-focusedand 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 islithium-focused and in close proximity to North American Lithium’sdeposit, which has proven and probable reserves of 17.06 Mt grading0.94% Li2O, and near an area undergoing intense exploration bycompanies including Sayona Mining, Great Thunder Gold and First Energythat the Quebec government is developing into a world-class lithiumhub.
ON BEHALF OF THE BOARD OFDIRECTORS
Deepak Varshney, P.Geo., Presidentand CEO
Telephone: (236) 607-5490
For more information please visit our website: www.xanderresources.ca
Email: info@xanderresources.ca
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in policies ofthe TSX Venture Exchange) accept responsibility for the adequacy oraccuracy of this release.
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