2649385 Ontario Inc. entered into a non-binding letter of intent to acquire Xander Resources Inc. (TSX-V:XND) in a reverse merger transaction on February 18, 2019. Under the terms of the transaction, Xander Resources Inc. will issue 50 million of its common shares to the shareholders of 2649385 Ontario Inc. Xander Resources Inc. also anticipates granting a total of 4.5 million stock options in consideration for the exchange or replacement of the existing 4.5 million stock options currently granted by 2649385 Ontario Inc. Upon closing, resulting entity will have 71.29 million shares issued and outstanding, with the current shareholders of Xander Resources Inc. holding 15.8% of the shares and the shareholders of 2649385 Ontario Inc. holding 70.1% of the shares. The parties intend to raise up to CAD 1 million pursuant to a non-brokered private placement at a price of CAD 0.10 per share. The Board of Directors of the resulting entity will consist of six members, of which five will be nominees of 2649385 Ontario Inc. and one will be a nominee of Xander Resources Inc.

The closing of the transaction is conditional upon the parties negotiating and entering a definitive agreement in respect of the transaction on or before March, 30, 2019, satisfactory completion of due diligence, approvals and authorizations including any applicable shareholder approval of Xander Resources Inc. and 2649385 Ontario Inc., approval by TSX Venture Exchange, satisfaction of any TSX Venture Exchange requirements, including but not limited to the receipt of audited consolidated financial statements of 2649385 Ontario Inc., Xander Resources Inc. having completed a name change to “Cordoba Mining Ltd.” or such other name as determined by 2649385 Ontario Inc. and closing of a concurrent private placement of resulting issuer shares for gross proceeds of no less than CAD 1 million at a price of CAD 0.10 per share. As of January 31, 2020, the closing of the transaction is subject to Xander Resources Inc. having completed a name change to “Merida Minerals Inc."