Exgen Provides Update ON Phoenix IPO and AIM Listing
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NEWS RELEASE
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
FOR IMMEDIATE RELEASE – MAY 23, 2017
EXGEN PROVIDES UPDATE ON PHOENIX IPO AND AIM LISTING
Vancouver, BC: ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF) (“ ExGen”) is pleased to
provide an update in respect of Phoenix Global Mining Ltd.’s (“ Phoenix”) initial public offering (the
“Phoenix IPO”) and Alternative Investmen t Market of the London Stock Exchange (“ AIM”) listing.
ExGen understands that Phoenix’s current plans include to complete the Phoenix IPO of approximately
£4.5 million consisting of 112.5 million Phoenix shares resulting in a total of 227.3 million issued and
outstanding shares of Phoenix after completion of the IPO. In addition, ExGen understands that Phoenix
anticipates that the listing of its shares on AIM will occur during the second quarter of 2017.
Further to press releases dated July 21, 2015 and November 14, 2016, ExGen, Phoenix, a private British
Virgin Islands based mining company focused on base metals development, and Konnex Resources, Inc.
(“Konnex”), ExGen’s wholly owned subsidiary which hold s the leases to ExGen’s Empire Mine Project
(“Empire Mine Project ”), have entered into an Option Agreement, as amended, on ExGen’s Empire
Mine Project, pursuant to which Phoenix can acquire 80% of the common shares of Konnex (the
“Option”). As part of the consideration under the Option, ExGen was issued 11,300,000 common shares
of Phoenix, which represent s just under 10% of the currently outstanding shares of Phoenix. For further
information on the Option, including the circumstances pursuant to which the K onnex common shares
would be transferred back to ExGen, please see the November 14, 2016 news release.
About ExGen Resources Inc.
ExGen, formerly Boxxer Gold Corp, is a project accelerator that seeks to fund exploration and
development of our projects through joint ventures and partnership agreements. This approach
significantly reduces the technical and financial risks for ExGen, while maintaining the upside exposure
to new discoveries and potential cash flow. The company intends to build a diverse portf olio of projects
across exploration stages and various commodity groups. ExGen currently has 6 projects in Canada and
the US.
For more information on ExGen please visit our website at http://exgresources.com or cont act ExGen
Resources Inc.
Jason Tong
Chief Financial Officer
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-Looking Information: This news release contains certain forward -looking information. All statements included
herein, other than statements of historica l fact, are forward -looking information and such information involves various risks and
uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future event s
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could differ materially from those antici pated in such information. In particular, this news release contains forward -looking
information in relation to: the Empire Mine Project; the transfer of the 80% of the Konnex common shares to Phoenix and the
earning of the Option by Phoenix; the Phoenix I PO including the completion and the timing for completion of the Phoenix IPO;
the potential listing and timing for listing of the Phoenix shares on AIM; and the potential return to ExGen of the 80% of th e
Konnex common shares potentially issued to Phoenix pursuant to the Option. There can be no assurance that such information
will prove to be accurate, and actual results and future events could differ materially from those anticipated in such inform ation.
There can be no assurances that the Option will resu lt in the exploration of the Empire Mine Project or that the development of
the Empire Mine Project will occur, and if development occurs, that such development will result in a producing mine. In the
forward looking information contained in this news rele ase, ExGen has made numerous assumptions, based upon practices and
methodologies which are consistent with the mineral industry. In addition, ExGen has assumed: the continued market acceptance
of its joint venture partnership model; the ability of ExGen to raise future equity financing, if needed, at prices acceptable to
ExGen; ExGen's current and initial understanding and analysis of the Empire Mine Project; the ability of ExGen or third parti es
to discover viable exploration targets and the results of exp loration on the Empire Mine Project; the ability of Phoenix to explore
and develop the Empire Mine Project; the cost of exploration, including sampling, drilling and assaying, on the Empire Mine
Project, the costs of developing the Empire Mine Project and the costs and the ability of Phoenix to produce a feasibility study;
the ability of Phoenix to complete the Phoenix IPO in a timely manner and to list the Phoenix shares on AIM in a timely manne r;
and ExGen's general and administrative costs remaining cons tant. While, ExGen considers these assumptions to be reasonable,
these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and
unknown risk factors which could cause ExGen's observations, actual results, performance or achievements to be materially
different from any future results, performance or achievements expressed or implied by the forward -looking information
contained herein. Known risk factors include, among others: there is no certainty t hat the Option will result in significant
exploration of the Empire Mine Project or development of the Empire Mine Project into a producing mine; uncertainties relatin g
to interpretation of drill results and the geology, continuity and grade of mineralizat ion and uncertainty as to the actual results of
exploration and development or operational activities; uncertainty as to the availability and terms of future financing; unce rtainty
as to timely availability of permits and other governmental approvals; ExGe n may not be able to comply with its ongoing
obligations regarding its properties; the early stage development of ExGen and its projects, and in particular, the Empire Mi ne
Project; general business, economic, competitive, political and social uncertaintie s; capital market conditions and market prices
for securities, junior market securities and mining exploration company securities; commodity prices; competition; changes in
project parameters as plans continue to be refined; accidents and other risks inher ent in the mining industry; lack of insurance;
delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affec ting
ExGen; conclusions of economic evaluations; and lack of qualified, skilled labo ur or loss of key individuals. A description of
additional assumptions and risk factors used to develop such forward -looking information that may cause actual results to differ
materially from forward -looking information can be found in ExGen's disclosure documents on the SEDAR website at
www.sedar.com. Although ExGen has attempted to identify important factors that could cause actual results to differ materially
from those contained in forward -looking information, there may be other factors that cause results not to be as anticipated,
estimated or intended. Accordingl y, readers should not place undue reliance on forward -looking information. ExGen does not
undertake to update any forward-looking information except in accordance with applicable securities laws.