X Terra Resources (TSXV:XTT)
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1 Year : From Nov 2018 to Nov 2019
ROUYN-NORANDA, QC, March 20, 2019 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) ("X-Terra") is pleased to announce that it has entered into an asset purchase agreement (the "Agreement") with a private prospector (the "Vendor") pursuant to which X-Terra will acquire a 100% undivided ownership interest in nine (9) mining claims (the "Claims") located in the Eeyou Istchee/Baie-James Territory in the Province of Québec and that are surrounded by X-Terra's Ducran property. This acquisition will bring X-Terra's total land position for the Ducran property to 75 mining claims covering an area of approximately 41 km2.
In consideration for the acquisition of the Claims, X-Terra Resources will issue to the Vendor 100,000 common shares at a deemed price per share of $0.145. The Claims will form part of the Ducran property and will be subject to a property purchase agreement dated October 13, 2017, between X-Terra and the Vendor. All the claims subject to the property purchase agreement, including the Claims, are subject to a 2% net smelter return royalty in favor of the Vendor. X-Terra may, at any time, purchase 50% of the net smelter return royalty from the Vendor for $1,000,000. The remaining net smelter return royalty of 1% is subject to a right of first refusal in favor of X-Terra.
The Agreement is subject to regulatory approval, including that of the TSX Venture Exchange.
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.