X1 Announces Cancellation of Stock Options
VANCOUVER, BC – March 4, 2024 – X1 Entertainment Group Inc. (CSE:XONE; OTCQX: XOEEF; FSE: QN9) (“X1” or the “Company”) announces that, effective February 29, 2024 (the “Cancellation Date”), it has cancelled a total of 360,000 stock options (“Options”) granted under the Company’s stock option plan (the “Option Plan”). The cancelled Options were voluntarily surrendered by the holders thereof. The cancelled Options were originally granted on June 28, 2022, and had an exercise price of $2.25 per common share.
Following the cancellation of the Options the Company has 62,601 Options outstanding. The Option Plan allows the Board of Directors of the Company to issue the equivalent of up to 10% of the issued and outstanding share capital of the Company on a rolling basis.
The Company intends to grant, on the date that is thirty days following the Cancellation Date, to each holder of such cancelled Options the same number of Options with an exercise price equal to or above the market price of the Company’s common shares on the Canadian Securities Exchange (the “CSE”) in accordance with the policies of the CSE and applicable securities laws
About X1
X1 Entertainment Group Inc. is a public company based in Vancouver, BC whose common shares are listed on the Canadian Securities Exchange under the ticker symbol (CSE:XONE). The Company has entered into a definitive asset purchase agreement with SKRR Exploration Inc pursuant to which the Company has agreed to acquire a 100% legal and beneficial interest in thirteen (13) contiguous mineral claims totaling 4,293.213 hectares located in the Province of Saskatchewan known as the Manson Bay Project.
For more information, please contact:
Latika Prasad CEO and Director
For enquiries, please call 604-229-9445 or toll free 1-833-923-3334 or email [email protected]. www.X1Ent.com
This news release contains “forward-looking information”. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this news release. Additional risk factors can also be found in the Company’s public filings under the Company’s SEDAR+ profile at www.sedarplus.ca. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward- looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management’s estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.