X-Terra Resources Announces Closing of Private Placement
X-TERRA RESOURCES ANNOUNCES
CLOSING OF PRIVATE PLACEMENT
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
UNITED
STATES/
ROUYN-NORANDA, QC
,
Dec. 22, 2022
/CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT)
(FRANKFURT: XTR) ("
X-Terra
") is pleased to announce that it has held a closing of a non-brokered
private placement at which it issued 7,566,667
Quebec
"flow-through" common shares at a price of
$0.09
per share and 7,566,668 units at a price of
$0.075
per unit, for aggregate gross proceeds to
X-Terra Resources of
$1,248,500
. Each of the 7,566,668 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
$0.12
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 three securities dealers
in an aggregate amount of
$85,820
. In addition, X-Terra granted finders' options to EDE Asset
Management Inc., Glores Securities Inc., Marquest Asset Management Inc. and Qwest Investment
Fund Management Ltd., entitling them to acquire up to (i) 322,000 additional common shares of X-
Terra at a price of
$0.075
per share period of 24 months; and (ii) 716,333 additional common
shares of X-Terra at a price of
$0.09
per share for a period of 24 months.
As a result of the closing of the private placement, there are 114,585,054 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 23, 2023.
About X-Terra Resources Inc.
X-Terra Resources is a resource company focused on acquiring and exploring lithium and precious
metals 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, 2021
, 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.
View original content:
http://www.newswire.ca/en/releases/archive/December2022/22/c5543.html
%SEDAR: 00035962E
For further information:
X-Terra Resources Inc., Michael Ferreira, President and Chief Executive
Officer, 147 Québec Avenue (back door), Rouyn-Noranda, Québec, J9X 6M8, Telephone: 819-762-
4101 | Fax: 819-762-0097, E-mail: [email protected]; Website: www.xterraresources.com
CO: X-Terra Resources Inc.
CNW 21:31e 22-DEC-22