Vancouver, British Columbia--(Newsfile Corp. - 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
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