TSXV:XND - Post Discussion
Post by
Buddy1 on Nov 03, 2021 11:39pm
Xander Resources agerement for CNC Timmins property
The TSX Venture Exchange has accepted for expedited filing documentation pertaining to an option to purchase letter agreement dated Oct. 19, 2021, between Xander Resources Inc. and joint optionors North American Exploration Ltd. (Bernard Deluce) and Jonathon Deluce, pursuant to which the company may acquire a 100-per-cent interest in 286 mineral claims located in Timmins, Ont., known as the CNC Timmins property (north and south blocks). In consideration, the company will pay a total of $150,000, issue a total of 2.5 million shares and undertake not less than $1.25-million of qualified exploration expenditures, as follows:
- Upon approval, 600,000 shares;
- Within 90 days of closing, $50,000 cash and one million shares;
- Within six months of closing, $120,000 of exploration expenditures;
- Within one year from closing, $50,000 and $500,000 of exploration expenditures;
- Upon two years from closing, $50,000, 900,000 shares and $1.25-million of exploration expenditures.
A 3.0-per-cent net smelter is payable, of which the company can purchase 1.0 per cent at any time for $1-million.
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