The Prospector News

X-Terra Resources Announces First Closing of Private Placement

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

X-Terra Resources Announces First Closing of Private Placement

 

 

 

 

 

X-Terra Resources Inc. (TSX-V: XTT) (FRANKFURT: XTR) is pleased to announce that it has held a first closing of a non-brokered private placement at which it issued 6,451,613 units at a price of $0.155 per unit, for aggregate gross proceeds to X-Terra of $1,000,000. Each of the 6,451,613 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 $0.20 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.

 

Additional closings of the private placement may be held until December 30, 2020, subject to a maximum of 3,225,807 additional units at a price of $0.155 per unit, for total maximum gross proceeds of $500,000.

 

In connection with the private placement, X-Terra paid cash commissions to a securities dealer in an aggregate amount of $64,750. In addition, X-Terra granted finders’ options to Marquest Asset Management Inc. and Roche Securities Limited entitling them to acquire, respectively, up to 158,064 and 259,676 additional common shares of X-Terra at a price of $0.155 per share for a period of 24 months.

 

As a result of the first closing of the private placement, there are 77,953,267 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 22, 2021.

 

About X-Terra Resources Inc.

 

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

 

Posted December 23, 2020

Share this news article

MORE or "UNCATEGORIZED"


Appia Announces Further 2021 Assay Results and Provides Drilling Update for Alces Lake Rare Earth Property, Northern Saskatchewan

Appia Rare Earths & Uranium Corp. (CSE:API) (OTCQX:APAAF) (Ge... READ MORE

July 6, 2022

K92 Mining Closes CAN$50 Million Bought Deal Financing

K92 Mining Inc. (TSX: KNT) is pleased to announce that, further t... READ MORE

July 6, 2022

NMG Issues Results of Feasibility Study for its Integrated Ore-to-Anode-Material Model Projected to be North America’s Largest Natural Graphite Operation with Attractive Economics

This news release constitutes a “designated news release” for... READ MORE

July 6, 2022

STEP OUT DRILLING AT PANUCO EXPANDS THE SAN ANTONIO VEIN ALONG STRIKE AND DOWN DIP

Vizsla Silver Corp. (TSX-V: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) i... READ MORE

July 6, 2022

Brixton Metals Drills 64m of 5.74 g/t Gold Including 28.95m of 10.36 g/t Gold at its Trapper Target on its Thorn Project

Brixton Metals Corporation (TSX-V: BBB) (OTCQB: BBBXF) is pleased... READ MORE

July 6, 2022

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2022 The Prospector News