Xplore Resources announces Final Tranche of Private Placement
Xplore Resources Corp. has closed the second and final tranche of its previously announced private placement (the "Placement") through the issuance of 4,250,000 units at an issue price of $0.10 per unit for gross proceeds of $425,000 (the "Second Tranche"). Each unit consists of one common share of the Company (a "Share") and one non-transferable share purchase warrant, 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. Together with the first tranche of the Placement (which was completed on December 21, 2023), an aggregate of 11,780,000 units were issued for aggregate gross proceeds of $1,178,000.
Net proceeds raised under the Second Tranche will be used for general working capital.
The Shares and warrants comprising the units sold under the Second Tranche, and any Shares issuable pursuant to the exercise of the warrants are subject to a hold period and may not be traded until May 3, 2024, except as permitted by applicable securities legislation and the rules and policies of the TSX Venture Exchange.
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.
Tags: Northern Ontario / Deals & Financial / Gold / All Articles