ExGen Resources Announces Grant of Stock Options for Officers, Directors, and Consultants

2022-04-28 08:55:15

VANCOUVER, British Columbia, April 28, 2022 (GLOBE NEWSWIRE) — ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF) (“ExGen”) announces that ExGen’s board of directors has approved the granting of 6,375,000 options to officers, directors and consultants. 5,750,000 of the options will be granted to officers and directors of the Company. The options are exercisable at a price of $0.12 per share and subject to vesting provisions.

Additional Disclosure Regard MI 61-101 and TSXV Policy 5.9.

The granting of options to the CEO and Directors of the ExGen constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and TSXV Policy 5.9. ExGen is relying upon exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 for the options grant to the CEO and Directors pursuant to sections 5.5(b) [Issuer Not Listed on Specified Markets] and 5.7(1)(b)[ Fair Market Value Not More Than $2,500,000], respectively, of MI 61-101 on the basis that ExGen is not listed on a specified stock exchange and, at the time the options grant was agreed to, the fair market value of the options granted did not exceed $2,500,000. No special committee was ‎established in ‎connection with the options grant‎. The Board ‎of Directors of ExGen has unanimously approved the options grant and no materially ‎contrary view or ‎abstention ‎was expressed or made by any director ‎in relation to the ‎options grant‎.‎ The material change report to be filed in relation to the ‎options grant will not be filed at ‎least 21 days prior to the completion of the ‎options grant as ‎contemplated by MI ‎‎61-101. ExGen believes that this shorter ‎period is reasonable and ‎necessary in the ‎circumstances as the completion of the options grant occurred shortly before the ‎issuance of such material change report in relation to the options grant.‎

About ExGen Resources Inc.

ExGen, formerly Boxxer Gold Corp, is a project accelerator that seeks to fund exploration and development of our projects through joint ventures and partnership agreements. This approach significantly reduces the technical and financial risks for ExGen, while maintaining the upside exposure to new discoveries and potential cash flow. ExGen intends to build a diverse portfolio of projects across exploration stages and various commodity groups. ExGen currently has 5 projects in Canada and the US.

For more information on ExGen please contact ExGen Resources Inc.:

Neither the 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 news release.

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