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
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.