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X-terra Resources Announces Closing of Private Placement

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X-terra Resources Announces Closing of Private Placement

 

 

 

 

 

X-Terra Resources Inc. (TSX-V: XTT) (FRANKFURT: XTR) is pleased to announce the closing of a non-brokered private placement at which it issued 11,716,670 units at a price of $0.075 per unit, for aggregate gross proceeds to X-Terra of $878,750. Each of the 11,716,670 units is comprised of one common share and one common share purchase warrant. Each Warrant entitles its holder to acquire one additional common share of X-Terra at a price of $0.11 for a period of 24 months from the closing date.  In the event that the closing price of the common shares of X-Terra on the TSX Venture Exchange is at least $0.20 for a period of not less than 10 consecutive trading days, the Warrants will expire, at the sole discretion of X-Terra, on the 30th day after the date on which X-Terra sends a notice in prescribed form to the holders of the Warrants.

 

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 and for working capital purposes.

 

In connection with the private placement, X-Terra paid cash commissions to two securities dealers in an aggregate amount of $9,948.75. In addition, X-Terra granted finders’ options to Canaccord Genuity Corp. and Leede Jones Gable Inc. entitling them to acquire up to an aggregate of 132,650 additional common shares of X-Terra at a price of $0.075 per share for a period of 24 months.

 

As a result of the closing of the private placement, there are 91,169,937 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 December 28, 2021.

 

About X-Terra Resources Inc.

 

X-Terra Resources is a resource company focused on acquiring and exploring precious metals and energy properties in Canada.

 

Posted August 30, 2021

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