X-Terra Resources finalizes due diligence to acquire 100% interest in four properties located in New-Brunswick and common shares to resume trading
X-Terra Resources finalizes due diligence to
acquire 100% interest in four properties
located in New-Brunswick and common
shares to resume trading
ROUYN-NORANDA, QC
, Nov. 8, 2018 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT)
(FRANKFURT: XTR) ("
X-Terra
") is pleased to announce, in connection with the previously-
announced signature of a letter of intent (the "
Letter of Intent
") with NBGold Inc. and
Tim Lavoie
(the "
Optionors
") for the acquisition by way of an option (the "
Option
") of a 100% undivided
ownership interest in 34 mining claims comprising four mining properties located approximately 30
kilometres (direct flight) south west of the town of
Campbellton
in the Province of
New Brunswick,
Canada
(the "
Properties
"), that X-Terra has completed its due diligence on the acquisition of these
Properties and that the initial submission required pursuant to Policy 5.3 of the TSX Venture
Exchange (the "
Exchange
") Corporate Finance Manual has been filed with the Exchange.
In connection with the Option, X-Terra has commissioned the preparation of a technical report for
the Properties (the
"Report
") prepared in accordance with the requirements of National Instrument
43-101 -
Standards of Disclosure for Mineral Projects
("
NI 43-101
"). Mr. Claude Duplessis, P. Eng.
of GoldMinds, and an independent qualified person under NI 43-101, prepared the Report, which
has been submitted to the Exchange for review and approval. The Report will be filed on SEDAR (
www.sedar.com
) under X-Terra's SEDAR profile shortly after its approval by the Exchange.
X-Terra has also been advised that its common shares are expected to resume trading on the
Exchange at the opening of the market on
November 9, 2018
.
The terms of the Letter of Intent provide for the entering into a definitive agreement, subject to
regulatory approval, by November 30, 2018. X-Terra and the Optionors are working diligently to
finalize the definitive agreement before such date. The definitive agreement will provide that all
securities to be issued by X-Terra pursuant to such agreement will be issued directly to NBGold's
shareholders.
The Option is also conditional upon the closing of an equity private placement by X-Terra for a
minimum amount of
$1.5 million
and the approval of the Exchange. X-Terra and the Optionors are
dealing at arm's length and no finder's fees are payable in connection with the proposed transaction.
About X-Terra Resources Inc.
X-Terra Resources is a resource company focused on acquiring and exploring precious metals and
energy 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,
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 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.
Website:
www.xterraresources.com
SOURCE
X-Terra Resources Inc.
View original content:
http://www.newswire.ca/en/releases/archive/November2018/08/c6702.html
%SEDAR: 00035962E
For further information:
X-Terra Resources Inc., Mr. Michael Ferreira, President & Chief
Executive Officer, 139 Québec Avenue, Suite 202, Rouyn-Noranda, Québec, J9X 6M8, Telephone:
819-762-4101, Fax: 819-762-0097, E-mail: [email protected]
CO: X-Terra Resources Inc.
CNW 16:26e 08-NOV-18