I am stuck with an issue and its really annoying. I faced this issue a couple of days ago as well and it was fixed that time by just changing the 'minimum' and 'target' android versions to '21'. However, this does not work this time.
The error:
/Library/Frameworks/Mono.framework/External/xbuild/Xamarin/Android/Xamarin.Android.Common.targets: Error: Tool exited with code: 1. Output: /Users/pranjalvatsa/.local/share/Xamarin/Android.Support.v7.AppCompat/21.0.3/embedded/./res/drawable-hdpi/abc_ab_share_pack_holo_dark.9.png: libpng warning: iCCP: Not recognizing known sRGB profile that has been edited
/Users/pranjalvatsa/.local/share/Xamarin/Android.Support.v7.AppCompat/21.0.3/embedded/./res/drawable-mdpi/abc_ab_share_pack_holo_dark.9.png: libpng warning: iCCP: Not recognizing known sRGB profile that has been edited
/Users/pranjalvatsa/.local/share/Xamarin/Android.Support.v7.AppCompat/21.0.3/embedded/./res/drawable-xhdpi/abc_ab_share_pack_holo_light.9.png: libpng warning: iCCP: Not recognizing known sRGB profile that has been edited
/Users/pranjalvatsa/.local/share/Xamarin/Android.Support.v7.AppCompat/21.0.3/embedded/./res/drawable-xhdpi/abc_ab_share_pack_holo_dark.9.png: libpng warning: iCCP: Not recognizing known sRGB profile that has been edited
/Users/pranjalvatsa/.local/share/Xamarin/Android.Support.v7.AppCompat/21.0.3/embedded/./res/drawable-hdpi/abc_ab_share_pack_holo_light.9.png: libpng warning: iCCP: Not recognizing known sRGB profile that has been edited
/Users/pranjalvatsa/.local/share/Xamarin/Android.Support.v7.AppCompat/21.0.3/embedded/./res/drawable-hdpi/abc_spinner_mtrl_am_alpha.9.png: libpng warning: iCCP: Not recognizing known sRGB profile that has been edited
obj/Debug/res/layout/menu.xml:8: error: Error parsing XML: not well-formed (invalid token)
Also attaching the Build Output file.
Please advise asap. Also, please note that this error started happening after I added an xml file (Menu.xml). I have now removed the file but the error persists.