Nov. 8, 2018 /CNW Telbec/ - X-Terra Resources Inc.
(TSXV: XTT) (FRANKFURT: XTR) ("X-Terra") is pleased to
announce, in connection with the previously-announced signature of
a letter of intent (the "Letter of Intent") with NBGold Inc.
and Tim Lavoie (the
"Optionors") for the acquisition by way of an option (the
"Option") of a 100% undivided ownership interest in 34
mining claims comprising four mining properties located
approximately 30 kilometres (direct flight) south west of the town
of Campbellton in the Province of
New Brunswick, Canada (the
"Properties"), that X-Terra has completed its due diligence
on the acquisition of these Properties and that the initial
submission required pursuant to Policy 5.3 of the TSX Venture
Exchange (the "Exchange") Corporate Finance Manual has
been filed with the Exchange.
In connection with the Option, X-Terra has commissioned the
preparation of a technical report for the Properties (the
"Report") prepared in accordance with the requirements of
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101"). Mr. Claude Duplessis, P.
Eng. of GoldMinds, and an independent qualified person under NI
43-101, prepared the Report, which has been submitted to the
Exchange for review and approval. The Report will be filed on SEDAR
(www.sedar.com) under X-Terra's SEDAR profile shortly after its
approval by the Exchange.
X-Terra has also been advised that its common shares are
expected to resume trading on the Exchange at the opening of the
market on November 9, 2018.
The terms of the Letter of Intent provide for the entering into
a definitive agreement, subject to regulatory approval, by
November 30, 2018. X-Terra and the Optionors are working
diligently to finalize the definitive agreement before such
date. The definitive agreement will provide that all
securities to be issued by X-Terra pursuant to such agreement will
be issued directly to NBGold's shareholders.
The Option is also conditional upon the closing of an equity
private placement by X-Terra for a minimum amount of $1.5 million and the approval of the Exchange.
X-Terra and the Optionors are dealing at arm's length and no
finder's fees are payable in connection with the proposed
About X-Terra Resources Inc.
X-Terra Resources is a resource company focused on acquiring and
exploring precious metals and energy properties in Canada.
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of X-Terra, or the assumptions
underlying any of the foregoing. In this news release, words such
as "may", "would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" and similar words and
the negative form thereof are used to identify forward-looking
statements. Forward-looking statements should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether, or the times at or
by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including the development of
the Properties, or if any of them do so, what benefits X-Terra will
derive from the Properties. Forward-looking information is
based on information available at the time and/or management's
good-faith belief with respect to future events and are subject to
known or unknown risks, uncertainties, assumptions and other
unpredictable factors, many of which are beyond X-Terra Resources'
control. These risks, uncertainties and assumptions include, but
are not limited to, those described under "Financial Instruments"
and "Risk and Uncertainties in X Terra's Annual Report for the
fiscal year ended December 31, 2017,
a copy of which is available on SEDAR at www.sedar.com, and could
cause actual events or results to differ materially from those
projected in any forward-looking statements. X-Terra does not
intend, nor does X-Terra undertake any obligation, to update or
revise any forward-looking information contained in this news
release to reflect subsequent information, events or circumstances
or otherwise, except if required by applicable laws.
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 the release.
SOURCE X-Terra Resources Inc.