- Xplore Resources Corp. (XPLR) has announced a non-brokered private placement for minimum gross proceeds of $5,000,000
- The company will issue a minimum of 62,500,000 units priced at $0.08 per unit
- 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 company plans to use the net proceeds of the offering for the technical advancement of the Diamond Mountain Phosphate Project
- Xplore Resources Corp. (XPLR) opened trading at $0.055
Xplore Resources Corp. (XPLR) has announced a non-brokered private placement for minimum gross proceeds of $5,000,000.
The company will issue a minimum of 62,500,000 units priced at $0.08 per unit.
Each unit will consist of one common share and one-half of one non-transferable common share purchase 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.
Net proceeds will be used to fund the technical advancement of the Diamond Mountain Phosphate Project, general working capital, and the purchase of additional battery metal assets.
“We are excited with our potential acquisition of the Diamond Mountain phosphate project in Utah, which advances our strategy of creating stakeholder value through acquiring and exploring a portfolio of high-quality battery metal assets in low-risk jurisdictions,” said Wes Hanson, President, and CEO of Xplore.
“We plan to apply for exploration permits immediately on closing the financing with the objective of drilling by late Q3, 2022, and we are convinced that the world needs phosphate for food, bio-fuel, and electric vehicle battery production,” he added.
Diamond Mountain is an advanced stage phosphate exploration project located in Uintah County, Utah.
Xplore Resources is a Toronto-based mining exploration company focused on acquiring and developing mineral projects in the Americas.
Xplore Resources Corp. (XPLR) opened trading at $0.055.