TORONTO, March 04, 2024 (GLOBE NEWSWIRE) — Xanadu Mines Ltd (ASX:XAM, TSX:XAM) (Xanadu or the Company) is pleased to announce that the placement of 15,185,328 fully paid ordinary shares to Jinping (Singapore) Mining Pte Ltd, a wholly owned indirect subsidiary of Zijin Mining Group Co. Ltd (Zijin), at an issue price of A$0.055 per share, completed today. Details of the proposed placement to Zijin were announced to ASX on 20 November 2023 and 8 December 2023.
Completion follows the satisfaction of all Conditions Precedent under the Share Subscription Agreement with Zijin, including shareholder approval on 6 February 2024, and approval by the Foreign Investment Review Board (FIRB) last week.
The Company has relied upon the exemption in section 602.1 of the TSX Company Manual in respect of the placement as an Eligible Interlisted Issuer.
For further information, please contact:
| Colin Moorhead | Spencer Cole |
| Executive Chairman & Managing… |
