X1 Shareholders Approve Change of Business
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X1 Shareholders Approve Change of Business
VANCOUVER, BC – August 14, 2024 – X1 Entertainment Group Inc. (CSE:XONE; OTCQX:
XOEEF; FSE: ZI0) (“X1” or the “ Company”) is pleased to announce that its shareholders (the
“Shareholders”) approved the Company’s proposed change of business from a technology
company to a mineral exploration company (the “ COB”), in connection with its previously
announced proposed acquisition of the Manson Bay Project located in Saskatchewan, Canada
(the “Acquisition”), and the Company’s concurrent non -brokered private placement of special
warrants of the Company (the “Special Warrants”) for gross aggregate proceeds of $3,000,000.
Each Special Warrant will automatically convert without the payment of any additional
consideration, into one unit of the Company consisting of one common share and one common
share purchase warrant exercisable for 2 years at an exercise price of $0.30, on the date that is
three business days following the satisfaction of a series of conditions, being the approval of
Shareholders of the COB, conditional approval of the COB by the Canadian Securities
Exchange, and the completion of the Acquisition. The sole condition currently outstanding is the
completion of the Acquisition. The Company anticipates the Acquisition will close in August
2024.
Concurrently, with closing the Acquisition, the Company will change its name to “Military Metals
Corp.” and its ticker symbol on the CSE to “MILI”.
In connection with the COB, at today’s meeting of Shareholders, Mick Carew and Zoran Pudar
were elected to the board of directors of the Company. Mr. Carew holds a PhD in geology and
has over 20 years corporate and capital markets experience. Mr. Pudar holds a diploma in
Economic Geology and has been working in mineral exploration for approximately 40 years.
“We are excited to welcome Mick and Zoran to the board of directors, as we shift our focus to
developing an exploration strategy on the Manson Bay Project and reviewing opportunities in
the mineral exploration industry,” said Latika Prasad, CEO of X1. She noted “Each brings
extensive experience to the table, and the Company will greatly benefit from these additions”.
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 Property.
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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” which may include, but is not limited to,
statements with respect to expectations about the closing of the Acquisition and the conversion
of the Special Warrants into units of the Company . 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 press 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 press 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.