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SERVICES OR DISSEMINATION IN THE UNITED STATES/
ROUYN-NORANDA, QC, Dec. 31, 2020 /CNW/ - X-Terra Resources Inc.
(TSXV: XTT) (FRANKFURT: XTR) ("X-Terra") is please to
announce that is has held a final closing of its
previously-announced non-brokered private placement at which it
issued 500,000 units at a price of $0.155 per unit, for aggregate gross proceeds to
X-Terra of $77,500. Each of the
500,000 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.
In connection with the private placement, X-Terra paid cash
commissions to a securities dealer in an aggregate amount of
$5,425. In addition, X-Terra granted
finders' options to Mackie Research Capital Corporation entitling
to acquire up to 35,000 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 final closing of the private placement, there
are 78,453,267 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 May 1, 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.
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.