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.