ROUYN-NORANDA, QC,
April 1, 2019 /CNW Telbec/ - X-Terra Resources Inc.
(TSXV: XTT) and (FRANKFURT: XTR1) is pleased to announce that it
has completed a private placement by issuing 3,833,332 units at a
price of $0.12 per unit, for gross
proceeds to X-Terra Resources of $460,000. Each of the units is comprised of
one common share and one common share purchase warrant of X-Terra
Resources. Each warrant entitles its holder to acquire one
additional common share X-Terra Resources at a price of
$0.20 until April 1, 2021.
X-Terra Resources will use the proceeds from this private
placement for exploration on of its mining properties and for
working capital purposes.
In connection with the private placement, X-Terra Resources paid
cash sales commissions to Leede Jones Gable Inc., PI Financial
Corp. and Canaccord Genuity Corp. (collectively, the "finders") in
an aggregate amount of $21,360.
In addition, X-Terra Resources granted non-transferable broker
warrants to the Finders entitling them to acquire up to an
aggregate of 178,000 additional common shares of X-Terra Resources
at a price of $0.20 per share until
April 1, 2021.
As a result of the private placement, there are 35,731,721
common shares of X-Terra Resources issued and outstanding on a
non-diluted basis. Under applicable securities legislation
and the policies of the TSX Venture Exchange, the securities issued
in the private placement are subject to a four-month hold period,
expiring on August 2, 2019.
X-Terra also expects, subject to approval of the TSX Venture
Exchange, to complete shortly the initial closing of its option to
acquire from NBGold Inc. a 70% interest in four mining properties
(the "Properties") located in New-Brunswick (see X-Terra Resources' press
release dated February 4, 2019).
Forward-Looking Statements
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 acquisition of
the Properties, 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.
About X-Terra Resources Inc.
X-Terra Resources is a resource company focused on acquiring and
exploring precious metals and energy properties in Canada. X-Terra Resources currently has
35,731,721 common shares issued and outstanding.
Website: www.xterraresources.com
SOURCE X-Terra Resources Inc.