Xplore Resources Closes First Tranche of Placement and Appoints New CFO
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Xplore Resources Closes First Tranche of Placement and Appoints
New CFO
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC, December 21, 2023 - Xplore Resources Corp . (TSX-V: XPLR) (“Xplore” or the
“Company”) announces that it has closed the first tranch e of its previously announced private placement
(the “Placement”) through the issuance of 7,530,000 units of the Company (the “Units”) at an issue price
of $0.10 per Unit for total gross proceeds of $753,000 (the “ First Tranche”). Each Unit consists 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.
Net proceeds raised under the First Tranche will be used for general working capital.
The Shares are subject to a hold period and may not be traded until April 22, 2024, except as permitted by
applicable securities legislation and the rules and policies of the TSX Venture Exchange.
The Company anticipates closing of the remainder of the Placement in one or more additional tranches as
soon as practicable subject to receipt of all necessary regulatory approvals.
The Company is also pleased to announce that P. Joseph Meagher has been appointed Chief Financial
Officer of the Company. Mr. Meagher holds a Bach elor of Commerce from the University of British
Columbia, became a Chartered Professional Accountant (CPA, CA) in 2008, and obtained the Chartered
Director (C.Dir.) designation from The Directors Colle ge (a joint venture between McMaster University
and The Conference Board of Canada) in 2017. Mr . Meagher has extensive experience working with
publicly listed companies.
Charles Edgeworth has resigned as Chief Financial Officer but will continue to serve as a director of the
Company. The Company thanks Mr. Edgeworth for his hard work and dedication as CFO of the Company.
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. Se curities 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 acquis ition 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.
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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.
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: [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
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, “F orward-Looking Information”) within the meaning of applicable Canadian
securities legislation and the United States Private Secu rities Litigation Reform Act of 1995. Forward-Looking
Information includes, but is not limited to, the anticipated timing for completion of th e remainder 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 inab ility to raise additional financing. R eaders 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.