X-Terra Resources provides update and announces closing of a private placement
X-Terra Resources provides update and
announces closing of a private placement
ROUYN-NORANDA, QC,
March 26, 2020
/CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT)
(FRANKFURT: XTR) is pleased to announce the closing of a non-brokered private placement in
which it issued 3,000,000 units at a price of
$0.08
per unit, for gross proceeds to X-Terra
Resources of
$240,000
. Each of the 3,000,000 units comprises of one common share and one
common share purchase warrant. Each warrant entitles its holder to acquire one additional common
share of X-Terra Resources at a price of
$0.13
until March 25, 2023. X-Terra Resources intends to
use the proceeds from the private placement for exploration on certain of its mining exploration
properties in Québec and
New Brunswick
, and for working capital purposes.
In connection with the private placement, X-Terra Resources paid a cash commission to Canaccord
Genuity Corp. in an amount of
$13,200
. In addition, X-Terra issued finders' options to Canaccord
Genuity Corp. entitling it to acquire up to an aggregate of 165,000 additional common shares of X-
Terra Resources at a price of
$0.08
per share until March 25, 2023.
In other news, X-Terra Resources wishes to inform it has had no suspected or confirmed cases of
COVID-19 and had implemented a specific COVID-19 protocol to protect its employees and service
providers. The health and safety of X-Terra Resources' employees and service providers, their
families and the communities in which X-Terra Resources operates remains its main priority. X-
Terra Resources wishes to thank its employees, consultants, contractors and stakeholders for their
support and understanding, and looks forward to resuming activities as soon as possible, in
adherence to all legal and regulatory frameworks.
Following government directives, X-Terra Resources has also implemented teleworking for its team.
During this period, the team will continue to work remotely and as efficiently as possible, taking the
opportunity to interpret data, prepare exploration programs, in particular on its Troilus East property
and its polymetallic Ducran property located in Québec, while it continues to wait for results from the
recent drilling program in
New Brunswick
, and to ramp-up activities when the situation improves.
Michael Ferreira
, President and Chief Executive Officer of X-Terra Resources states, "Our
exploration strategy has remained unchanged and we were lucky to complete our drill program
before the COVID-19 outbreak. As we move forward, we will evaluate the situation of COVID-19 as
well as the market and investor sentiment very carefully and adjust our plans as required. Lastly, I
wanted to thank all our shareholders and stakeholders, for their continued support and for reaching
out with kind and supportive messages during this difficult time. I am extremely proud of our team
who remains focused on X-Terra's strategy while looking out for their safety and wellbeing and those
around them".
As a result of the closing of the private placement, there are 61,795,053 common shares of X-Terra
Resources issued and outstanding. Under applicable securities legislation, the securities issued in
the private placement are subject to a four-month hold period, expiring on
July 26, 2020
.
About X-Terra Resources Inc.
X-Terra Resources is a resource company focused on acquiring and exploring precious metals and
energy properties in
Canada
.
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:
http://www.xterraresources.com/
SOURCE
X-Terra Resources Inc.
View original content:
http://www.newswire.ca/en/releases/archive/March2020/26/c3224.html
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For further information:
X-Terra Resources Inc., Michael Ferreira, President and Chief Executive
Officer, C.P. 491, Rouyn-Noranda, Québec, J9X 5C4, Telephone: 819-762-4101 | Fax: 819-762-
0097, E-mail: [email protected]
CO: X-Terra Resources Inc.
CNW 12:25e 26-MAR-20