/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED STATES/
ROUYN-NORANDA, QC,
Dec. 22, 2020 /CNW Telbec/ - X-Terra Resources Inc. (TSXV:
XTT) (FRANKFURT: XTR) ("X-Terra") is pleased to
announce that it has held a first closing of a non-brokered private
placement at which it issued 6,451,613 units at a price of
$0.155 per unit, for aggregate gross
proceeds to X-Terra of $1,000,000.
Each of the 6,451,613 units is comprised of one federal
"flow-through" common share and one-half of a common share purchase
warrant. Each whole warrant entitles its holder to acquire one
additional common share of X-Terra at a price of $0.20 for a period of 24 months from the
closing date. X-Terra intends to use the proceeds from the
private placement for exploration on certain of its mining
exploration properties in Québec and New
Brunswick.
Additional closings of the private placement may be held until
December 30, 2020, subject to a
maximum of 3,225,807 additional units at a price of $0.155 per unit, for total maximum gross proceeds
of $500,000.
In connection with the private placement, X-Terra paid cash
commissions to a securities dealer in an aggregate amount of
$64,750. In addition, X-Terra granted
finders' options to Marquest Asset Management Inc. and Roche
Securities Limited entitling them to acquire, respectively, up to
158,064 and 259,676 additional common shares of X-Terra at a price
of $0.155 per share for a period of
24 months.
As a result of the first closing of the private placement, there
are 77,953,267 common shares of X-Terra issued and outstanding.
Under applicable securities legislation, the securities issued in
the private placement are subject to a four-month hold period,
expiring on April 22, 2021.
About X-Terra Resources Inc.
X-Terra Resources is a resource company focused on acquiring and
exploring precious properties in Canada.
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 Resources, 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
additional closings of the private placement. 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 Resources'
Annual Report for the fiscal year ended December 31, 2019, 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 Resources does not intend, nor does X-Terra
Resources 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.