Xplore Resources closes $2.1 million Non-Brokered Private Placement
Xplore Resources Corp. has closed its previously announced private placement of 21,050,000 units of the Company at a price of $0.10 per unit for gross aggregate proceeds of $2,105,000. Each unit consists of one common share of the company and one non-transferable share purchase warrant, with each warrant exercisable to acquire one additional common share of the Company for a period of two years from the date of issuance at a price of $0.15 per share.
Net proceeds raised under the Placement will be used to extinguish debt, for exploration work on the Company's exploration properties and for general working capital.
All securities issued pursuant to the Placement, including any shares issuable on exercise of the warrants, are subject to a hold period until September 10, 2024 pursuant to applicable securities law and the policies of the TSX Venture Exchange.
About Xplore Resources
Xplore Resources is a North American lithium exploration company listed on the TSX Venture Exchange under symbol XPLR. The Company has a prospective land package in the emerging Root Bay lithium district located in northwest Ontario. Xplore's flagship property is the Surge lithium project, on trend and near two lithium deposits and just 25 m from a new lithium discovery. The Company is led by a highly experienced management team with a strong track record of growing shareholder value.
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