Xplore Resources Announces Proposed Share Consolidation and CDN$40,000 Bridge Loan
Xplore Resources Announces Proposed Share Consolidation and CDN$40,000
Bridge Loan
Vancouver, British Columbia, Septem ber 18, 2023 - Xplore Resources Corp . (TSX-V: XPLR)
(“Xplore” or the “Company”) announces that the Board of Direct ors of the Company has recommended
and authorized a consolidation of the Company’s outstanding common shares on the basis of two and one-
half (2.5) pre-consolidation common shares for one (1) post-consolidation common share (the
“Consolidation”). The Consolidation remains subject to TSX Venture Exchange a pproval. The effective
date and further details of the Consolidation will be disclosed in a subsequent news release following receipt
of all requisite approvals.
The Company also announces that it has entered into a bridge loan agreement with 1077712 BC Ltd. (the
“Lender”) dated September 18, 2023 (the “ Loan Agreement”) to obtain a bridge loan in the principal
amount of C$40,000 (the “Loan”). Xplore will use the proceeds of the Loan for business and commercial
uses.
The Loan will bear interest at a rate of 10% per annum, accruing daily on each amount of the Loan advanced
from the date of the advance and compounding monthly. Unless accelerated pursuant to the terms of the
Loan Agreement, the Loan will become due on the earlier of the day (i) that is six months from September 18,
2023, and (ii) that Xplore closes a financing of any kind or nature resulting in gross proceeds equal to
or greater than CDN$1,000,000. Xplore may prepay th e Loan in full, together with all accrued and unpaid
interest, at any time upon five business days’ written notice to the Lender.
Under the terms of the Loan Agreement, the Issuer intends to issue to or as directed by the Lender 800,000
warrants (the “Warrants”), which qualify as a Loan Bonus pursuant to section 2 of Policy 5.1. Each Warrant
entitles the holder to subscribe for and purchase one common share (a “Common Share”) in the capital of
the Issuer at a purchase price of C$0.05 per Common Sh are for a period of one year following the date of
issuance. The price of the warrant has been calculated pursuant to the “Market Price” calculation as defined
under Exchange Policy 1.1 Interpretation. Each Wa rrant is non-assignable and non-transferable and is
subject to the applicable regulatory hold period. In the event that the Warrants are not approved by the
TSX Venture Exchange on or before th e day that is 45 days from the date hereof, the interest rate of the
Loan shall increase and the Loan will bear an interest rate of 12% per annum calculated in the same manner
stipulated in the Loan Agreement.
The Loan and issuance of the Warrants remains subject to receipt of all necessary regulatory and other
approvals, including the final approval of the Exchange.
About Xplore Resources
Xplore Resources is a Toronto based mining explor ation 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, ba nking, private equity, investor
relations and law.
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Lithium Properties
The Company is earning a 100% interest in the Su rge (~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 Braz il, in a Borborema pegmatite field, a historically
significant producer of tantalum prior to 1980.
ON BEHALF OF THE BOARD
Dominic Verdejo, Chief Executive Officer
For further information, please contact:
Phone: +1 647-362-9675
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