You cannot reference libraries targeting the .Net infrastructure.
What you need to do if you want to reuse this code is to create a new Android class library project and add files from your existing .Net library as โlinkedโ files. This is a way to get code reuse within frameworks.
As an example, consider the RestSharp project on GitHub. You can see projects for MonoDroid, MonoTouch, etc. They do not have files, but links to a common source.
I hope in your case all the code in your existing libraries is compatible with the MonoDroid environment profile. Otherwise, you will need to include preprocessor directives - this can also be seen in RestSharp.
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