Business
Xplore Resources Announces Private Placement Financing
Toronto, Ontario--(Newsfile Corp. - June 21, 2022) - Xplore Resources Corp . (TSXV: XPLR) (...
About this update from Xplore Resources Corp.
[{"type":"text","content":"Xplore Resources Announces Private Placement FinancingToronto, Ontario--(Newsfile Corp. - June 21, 2022) - Xplore Resources Corp. (TSXV: XPLR) (\"Xplore or the \"Company\"), is pleased to announce a non-brokered private placement offering of a minimum of 62,500,000 Units (the \"Units\") at $0.08 per Unit for gross proceeds of a minimum of $5,000,000, (the \"Offering\").Each Unit will consist of one common share of Xplore (a \"Common Share\") and one-half of one non-transferable common share purchase warrant (each whole common share purchase warrant, a \"Warrant\"). Each whole Warrant will be exercisable to purchase one common share of Xplore at the price of $0.12 per share until the second anniversary of the closing date of the Offering (the \"Closing Date\").Completion of the Offering is subject to receipt of gross proceeds of $5,000,000 (the \"Minimum Offering\"). Xplore intends to use the net proceeds of the Offering for the technical advancement of the Diamond Mountain Phosphate Project (\"Diamond Mountain\"), the acquisition of which (the \"Acquisition\") was announced on June 7, 2022, general working capital, and to enable the Company to pursue further battery metal assets. Completion of the Offering is subject to the satisfaction of certain conditions, including the approval of the TSX Venture Exchange (the \"Exchange\"). Completion of the Acquisition is subject to completion of the Minimum Offering.All securities issued pursuant to the Offering will be subject to a four-month hold period commencing on the Closing Date. Insiders of Xplore intend on subscribing for a portion of the Offering, subject to regulatory approval. Finder's fees payable in cash equal to 7% of the gross proceeds raised may be paid to eligible finders or other third parties, in connection with this Offering. Finder's warrants entitling the holders to acquire up to 7% of the Units under the Offering may also be paid to eligible finders or other third parties. Xplore has hired Stifel Nicolas Canada Inc. to provide advisory services on the Acquisition.Wes Hanson, President, and CEO of Xplore, notes: \"We are excited with our potential acquisition of the Diamond Mountain phosphate project in Utah. This acquisition advances our strategy of creating stakeholder value through acquiring and exploring a portfolio of high-quality battery metal assets in low-ri...