Xali Gold completes C$1M private placement for Peru project

Xali Gold Corp. (TSXV: XGC) has closed a non-brokered private placement fully subscribed by two placees, raising gross proceeds of C$1,000,000.

The placement involves the issuance of 4,000,000 common shares at C$0.25 per share, with no warrants attached. The shares are subject to a mandatory four-month and one-day hold period from the closing date. The placement has received conditional acceptance from the TSX Venture Exchange, pending final approval.

Approximately 75% of the proceeds will be directed toward exploration and development of the Pico Machay Gold Project in Peru, including permitting activities, technical studies, and community initiatives. The remaining balance will be used for working capital and general corporate purposes.

Finder's fees of 6% will be paid to one finder in accordance with TSXV policies.

Pico Machay is an advanced exploration-stage gold project located in the Southern Peru Epithermal Gold-Silver Belt in the Western Cordillera Andes. According to the company's statement, historical engineering studies at the project targeted an open-pit heap-leach operation based on a long-term gold price of $700 per ounce.

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