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.
For further information, please contact:
| Colin Moorhead | Spencer Cole |
| Executive Chairman & Managing Director | Chief Financial Officer |
| P: +61 2 8280 7497 | P: +61 2 8280 7497 |
| E: colin.moorhead@xanadumines.com | E: spencer.cole@xanadumines.com |
| W: www.xanadumines.com |
About Xanadu Mines Ltd:
Xanadu is an ASX and TSX listed Exploration company operating in Mongolia. We give investors exposure to globally significant, large-scale copper-gold discoveries and low-cost inventory growth. Xanadu maintains a portfolio of exploration projects and remains one of the few junior explorers on the ASX or TSX who jointly control a globally significant copper-gold deposit in our flagship Kharmagtai project. Xanadu is the Operator of a 50-50 JV with Zijin Mining Group in Khuiten Metals Pte Ltd, which controls 76.5% of the Kharmagtai project: www.xanadumines.com.
This Announcement was authorised for release by Xanadu's Executive Chairman and Managing Director.
