ROUYN-NORANDA, QC, July 25, 2016 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) is pleased to announces that it has completed its previously-announced non-brokered private placement by issuing 2,333,333 units at a price of $0.15 per unit for gross proceeds to X-Terra Resources of $350,000. Each of the 2,333,333 units is comprised of one 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 Resources at a price of $0.25 for a period of 24 months from the closing date.
X-Terra Resources will use the proceeds from the issuance of the units for exploration on its properties located in the province of Québec and for working capital purposes.
In connection with the private placement, X-Terra Resources paid cash sales commissions to various securities dealers and finders in an aggregate amount of $11,664. In addition, X-Terra granted finder's options to Raymond James Ltd. entitling it to acquire up to 85,600 additional common shares of X-Terra Resources at a price of $0.15 per share for a period of two years.
As a result of the private placement, there are 11,911,123 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 November 23, 2016.
About X-Terra Resources Inc.
X-Terra Resources is a resource company focused on acquiring and exploring 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.
SOURCE X-Terra Resources Inc.
For further information: X-Terra Resources Inc., 139 Québec Avenue, Suite 202, Rouyn-Noranda, Québec, J9X 6M8, Telephone: 819-762-4101 | Fax: 819-762-0097, E-mail: firstname.lastname@example.org, Website: www.xterraresources.com