Vancouver, British Columbia – TheNewswire – September 11, 2020 – Xander Resources Inc. (TSXV:XND) (FSE:1XI) (the “Company”) announces that it has closed the transaction with Terrance Coyle and 9093-6725 Quebec Inc. (the “Optionors“) with respect to the Company’s Senneville South property (the “Senneville South Property“) located in Val D’Or, Quebec, Canada. On May 27, 2020, the Company entered into an option to purchase agreement (the “Agreement“) with the Optionors whereby the Company was granted the exclusive option to purchase 100% interest in the Senneville South Property.
The Senneville South Property is comprised of three complete cells, five partial cells and one old-style lot, totalling an area of 370 hectares. The Senneville South Property is located in the eastern part of the Abitibi Greenstone Belt, just north of the gold mining centre of Val D’Or, Quebec, Canada.
Pursuant to the Agreement and in exchange for the option to purchase 100% interest in the Senneville South Property, the Company will pay the following remuneration to the Optionors:
- i. 25,000 common shares (the “Shares“) on or before the closing date (the “Closing Date“) being the date the Company receives the approval from the TSX Venture Exchange (the ‘Exchange“) of the Agreement;
- ii. $5,000 cash payable on or before the Closing Date;
- iii. 60,000 Shares of the Issuer on the date that is 1.5 years from the Closing Date;
- iv. $15,000 payable the date that is 1.5 years from the Closing Date;
- v. 80,000 Shares on or before the date that is 2.5 years from the Closing Date; and
- vi. $20,000 payable on or before the date that is 2.5 years after the Closing Date.
The Shares will be subject to the applicable hold periods in accordance with securities laws in Canada and the Exchange policies.
The Company has agreed to incur not less than $75,000 of exploration expenditures within 2.5 years of the Closing Date and has also agreed to grant the Optionors a 2% net smelter royalty, in addition to the aforementioned remuneration.
The Company also announces the resignation of John Ostler from the Company’s board of directors to pursue other interests. The Company thanks Mr. Ostler for his role as a board member and wishes him well in his future endeavours.
About Xander Resources:
Xander Resources is a junior exploration firm focused on developing accretive gold properties within Canada. The company currently has a focus on projects located within the Provinces of Ontario and Quebec.
ON BEHALF OF THE BOARD OF DIRECTORS