/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.
