Xplore Announces Acquisition of Brazilian Exploration Company Baru Exploracao Mineral Ltda

About this update from Xplore Resources Corp.

[{"type":"text","content":"Xplore Announces Acquisition of Brazilian Exploration Company Baru Exploracao Mineral LtdaToronto, Ontario--(Newsfile Corp. - December 6, 2021) - Xplore Resources Corp. (TSXV: XPLR) (\"Xplore or \"the Company\"), is pleased to announce the acquisition of Baru Exploração Mineral Ltda. (\"Baru\"), a Brazilian limited liability company.Terms of TransactionUnder the terms of the purchase and sale agreement (the \"Agreement\"), the Company will acquire 100% of the issued and outstanding securities (the \"Shares\") from the Baru shareholders, Giorgio Francesco Cesare De Tomi and Emerson Ricardo Ré (together, the \"Vendors\"), in consideration for the payment of USD$10,000 and the issuance of 500,000 XPLR common shares (the \"Common Shares\").The acquisition does not constitute a fundamental change or result in a change of business for the Company, nor is it expected to result in a change of control of the Company within the meaning of applicable securities laws and the policies of the TSX Venture Exchange (the \"TSX.V\"). Issuance of the Common Shares shall be subject to the receipt of regulatory approvals including, without limitation, the approval of the TSX.V, and such other conditions, and will be subject to statutory hold periods under applicable Canadian securities legislation.Wes Hanson, P.Geo., President and CEO of Xplore, comments, \"First and foremost, the acquisition formalizes our professional relationship with the Vendors with whom we have been working for the past year as we evaluate various opportunities in Brazil. The geology of Brazil is highly prospective for gold, copper and other commodities and numerous, highly prospective greenstone belts are largely unexplored given the countries focus on iron ore discoveries. Giorgio and Ricardo are established professionals with extensive knowledge of the various mineral opportunities throughout Brazil. Through their established professional network, they have already identified a number of prospective properties throughout Brazil that are seeking exploration investment. The acquisition of Baru provides a registered Brazilian entity able to transact on Brazilian properties quickly and seamlessly should a property meet our investment criteria. We look forward to working closely with both Giorgio and Ricardo to identify, acquire and explore promising gold and copp...

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