Xplore Resources Modifies Terms of Upper Red Lake Agreement
Xplore Resources Modifies Terms of Upper
Red Lake Agreement
Toronto, Ontario--(Newsfile Corp. - February 11, 2022) -
Xplore Resources Corp
.
(TSXV: XPLR)
(
"Xplore
or "the Company"
), announces that Abitibi Royalties Inc. has agreed to extend the time in
which to make the first anniversary payment under a property option agreement announced March 3,
2021, wherein Xplore is earning the right to earn a 100% interest in the Upper Red Lake Project, located
in the Red Lake Mining division, Ontario.
In consideration for the issuance of an additional 227,272
common shares, the pending first anniversary payment of $125,000 (payable in common shares of the
Company based on the then 14-day VWAP price of the Company's shares as reported by the TSX
Venture Exchange) will be extended for an additional six months.
The issuance of these shares is
subject to the approval of the TSX Venture Exchange.
About Xplore Resources (TSXV: XPLR)
Xplore Resources is a Toronto based mining exploration company listed on the TSX Venture Exchange
under symbol XPLR and is focused on the acquisition and development of copper and gold projects in
the Americas. The Company is led by a highly experienced management team and is comprised of
industry experts with executive and senior management experience in geology, banking, private equity,
investor relations and law.
Qualified Persons
Mr. Wes Hanson, P. Geo., President & CEO of Xplore and registered in the Provinces of Ontario is the
"Qualified Person" under
National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI
43-101")
and is responsible for the technical contents of this news release and has approved the
disclosure of the technical information contained herein.
ON BEHALF OF THE BOARD
"Wesley C. Hanson"
President & CEO
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
ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), AND MAY NOT BE OFFERED OR
SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
1933 ACT.
THE TSX VENTURE EXCHANGE INC. HAS IN NO WAY PASSED UPON THE MERITS OF THE
PROPOSED TRANSACTION AND HAS NEITHER APPROVED NOR DISAPPROVED THE
CONTENTS OF THIS PRESS RELEASE.
Notice on forward-looking statements:
Information set forth in this news release contains forward-looking statements. These statements
reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees
of future performance. Xplore cautions that all forward-looking statements are inherently uncertain,
and that actual performance may be affected by a number of material factors, many of which are
beyond Xplore's control. Such factors include, among other things: risks and uncertainties relating to
Xplore's ability to complete the proposed Transaction; and other risks and uncertainties, including
those to be described in the Filing Statement to be filed by Xplore on
SEDAR.com
. Accordingly,
actual, and future events, conditions and results may differ materially from the estimates, beliefs,
intentions, and expectations expressed or implied in the forward-looking information. Except as
required under applicable securities legislation, Xplore undertakes no obligation to publicly update or
revise forward-looking information.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/113560