ROUYN-NORANDA, QC, Nov. 27, 2015 /CNW Telbec/ - Michel Baribeau announces that he has purchased 1,000,000 units of X‑Terra Resources Inc. (TSXV: XTT) at a price of $0.05 per unit by way of private placement, for total proceeds of $50,000. Each unit is comprised of one common share of X‑Terra Resources and one‑half of a common share purchase warrant. Each whole common share purchase warrant entitles the holder to acquire one additional common share of X‑Terra Resources at a price of $0.10 until November 25, 2017.
Immediately following the closing of the private placement, Michel Baribeau directly and indirectly owns the following X‑Terra Resources securities: (i) 1,585,000 common shares, representing approximately 16.55% of the issued and outstanding common shares of X‑Terra Resources, and (ii) common share purchase warrants entitling Mr. Baribeau to purchase 500,000 common shares, representing approximately 29.41% of the issued and outstanding common share purchase warrants of X‑Terra Resources. Assuming the exercise of all warrants held by Mr. Baribeau, he would own 2,085,000 common shares, representing 20.69% of the X‑Terra Resources common shares that would then be issued and outstanding.
The private placement is a private transaction that did not take place on any market or exchange.
Mr. Baribeau acquired the X-Terra Resources common shares and common share purchase warrants in the private placement for investment purposes, and in accordance with applicable securities laws, Mr. Baribeau may, from time to time and at any time, acquire additional common shares of X‑Terra Resources and/or other equity, debt or other securities or instruments of X‑Terra Resources in the open market or otherwise, and he reserves the right to dispose of any or all of his X‑Terra Resources securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the securities, the whole depending on market conditions, the business and prospects of X‑Terra Resources and other relevant factors.
A copy of the Early Warning Report filed by Mr. Baribeau in connection with the private placement is available on SEDAR on X‑Terra Resources' SEDAR profile. The news release is being issued under the early warning provisions of Canadian securities legislation.
SOURCE X-Terra Resources Inc.
For further information: Michel Baribeau, 492 avenue Cuddihy, Rouyn‑Noranda, Québec, J9Y 4C4, 819-763-8188