Xander Resources Inc. Announces Debt Settlement
27.05.2020 | Newsfile
Vancouver, May 27, 2020 - Xander Resources Inc. (TSXV: XND) (the "Company") announces that, subject to the approval of the TSX Venture Exchange a creditor has agreed to accept an aggregate of 236,842 common shares (the "Shares") of the Company, at a deemed value of $0.19 per Share for a portion of outstanding management fees owed totaling $45,000 (the "Debt Settlement").Dwayne Yaretz, Corporate Secretary and a director of the Company will receive 236,842 Shares pursuant to the Debt Settlement transaction. As a result, the Debt Settlement transaction is a related party transaction (as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied upon section 5.7(a) the "Fair Market Value Not More than $2,500,000" and exemptions from the formal valuation and minority shareholder approval requirements, respectively, under MI 61-101.
The Shares are subject to a statutory four month hold period.
ON BEHALF OF THE BOARD OF DIRECTORS
Rodney Ireland
CEO
Contact:
Xander Resources Inc.
Rodney Ireland, CEO
Tel: (226) 257-8994
Email: rodney@xanderresources.ca
Website: www.xanderresources.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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