Xplore Resources Announces Non-Brokered Private Placement
Xplore Resources Announces Non-Brokered
Private Placement
Vancouver, British Columbia--(Newsfile Corp. - October 30, 2023) -
Xplore Resources Corp
.
(TSXV:
XPLR)
("
Xplore
" or the "
Company
") announces that it has arranged a private placement of up to
15,000,000 units (the "
Units
") at an issue price of $0.10 per Unit for total gross proceeds of up to $1.5
million (the "
Placement
").
Each Unit will consist of one common share of the Company (a "
Share
") and
one non-transferable Share purchase warrant, with each warrant exercisable to acquire one additional
Share for a period of two years from the date of issue at a price of $0.15 per Share.
All securities issued under the Placement will be subject to a hold period expiring four months and one
day from the date of issue. Finders' fees may be payable on all or part of the Placement in accordance
with the policies of the TSX Venture Exchange.
The Company intends to use the net proceeds of the Placement for general working capital.
The Company anticipates closing of the Placement (in one or more tranches) as soon as practicable
subject to receipt of all necessary regulatory approvals.
This news release does not constitute an offer to sell or solicitation of an offer to sell any
securities in the United States.
The securities have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United States or to U.S. Persons
unless registered under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
About Xplore Resources
Xplore Resources is a mining exploration company listed on the TSX Venture Exchange under symbol
XPLR and is focused on the acquisition and exploration of grass roots lithium properties in Canada and
Brazil. The Company is led by a highly experienced management team comprised of industry experts
with executive and senior management experience in geology, banking, private equity, investor relations
and law.
Lithium Properties
The Company is earning a 100% interest in the Surge (~3400 ha) and Perrigo Lake (~3300 ha) lithium
properties, both situated in northwestern ON, approximately 100 kms north of Sioux Lookout ON. The
Surge property lies along the regional scale Pakwash-Lake St. Joseph Fault, approximately 2.0 kms
east of the Root Bay lithium discovery. The Perrigo property is located west of the Allison Lake batholith
considered to be "the largest fertile peraluminous granite mass in northwestern Ontario."
The Company, through its wholly owned Brazilian subsidiary, holds a 100% interest in the Energia
(~4500 ha) and Borborema (~9100 ha) lithium properties in Brazil. The Energia claims are situated in
the state of Minas Gerais, the center of Brazil's rapidly evolving lithium production. The Borborema
claims are situated in the state of Rio Grade de Norte in northeastern Brazil, in a Borborema pegmatite
field, a historically significant producer of tantalum prior to 1980.
For further information, please contact:
ON BEHALF OF THE BOARD
Dominic Verdejo, Chief Executive Officer
For further information, please contact:
Phone: +1 647-362-9675
Email:
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
Cautionary Note regarding Forward-Looking Statements
Statements contained in this press release that are not historical facts are "forward-looking information"
or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of
applicable Canadian securities legislation and the United States Private Securities Litigation Reform
Act of 1995. Forward-Looking Information includes, but is not limited to, the anticipated timing for
completion of the Placement and use of proceeds therefrom. The words "anticipate," "significant,"
"expect," "may," "will" and similar expressions are intended to be among the statements that identify
Forward-Looking Information. Forward-Looking Information is subject to known and unknown risks,
uncertainties and other factors that may cause actual results to differ materially from those implied by the
forward-looking information. In preparing the Forward-Looking Information in this news release, the
Company has applied several material assumptions, including, but not limited to, assumptions that
general business and economic conditions will not change in a materially adverse manner; that all
requisite approvals will be received and all requisite information will be available in a timely manner.
Factors that may cause actual results to vary materially include, but are not limited to, inaccurate
assumptions concerning the exploration for and development of mineral deposits, currency fluctuations,
unanticipated operational or technical difficulties, risks related to unforeseen delays; general economic,
market or business conditions, regulatory changes; timeliness of regulatory approvals, the risks of
obtaining necessary licenses and permits, changes in general economic conditions or conditions in the
financial markets and the inability to raise additional financing. Readers are cautioned not to place
undue reliance on this Forward-Looking Information. The Company does not assume the obligation to
revise or update this Forward-Looking Information after the date of this release or to revise such
information to reflect the occurrence of future unanticipated events, except as may be required under
applicable securities laws.
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OR FOR DISSEMINATION IN THE UNITED STATES
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