/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES./
TORONTO, Feb. 4 /CNW Telbec/ - Xmet Inc. (TSXV-XME) ("Xmet") is pleased to announce a proposed non-brokered private placement
offering of up to 6 million units (the "Units") at a price of $0.25 per Unit, for aggregate gross proceeds of $1.5
million (the "Offering"). Each Unit will consist of one common share (a "Common Share") and one half of a common share purchase warrant (each whole purchase
warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one additional common
share at a price of $0.35 for a period of one year following the
closing of the Offering.
The proceeds of the Offering will be used by Xmet for potential
acquisitions and for general working capital purposes.
At the closing of the Offering, any agents or finders will receive
compensation paid in cash equal to 7% of the gross proceeds raised by
them under the Offering and will receive non-transferable compensation
warrants exercisable at $0.35 per compensation warrant for a period of
one (1) year from the date of closing of the Offering to acquire such
number of Units of Xmet as is equal to 7% of the aggregate number of
Units attributable to them.
The Offering is anticipated to close on or about February 28, 2011 and
is subject to certain conditions including, but not limited to, the
receipt of all necessary approvals including the approval of the TSX
Venture Exchange. All securities issued pursuant to the Offering will
be subject to a four month hold period from the date of closing of the
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in
the United States absent registration or an exemption from the
registration requirements. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall there be
any sale of the securities in any State in which such offer,
solicitation or sale would be unlawful.
About Xmet Inc.
Xmet, through its wholly-owned subsidiary Duquesne-Ottoman Mines Inc. ("Duquesne-Ottoman Mines"), carries out gold and resource exploration and development. Pursuant
to the terms of a mining option agreement between Duquesne-Ottoman
Mines and Duparquet Assets Ltd., Duquesne-Ottoman Mines can earn an
option to purchase 75% of the common shares in the capital of Duparquet
Assets Ltd, which legally and beneficially owns 20 claims (commonly
referred to as Duquesne West) and 40 claims (commonly referred to as
Ottoman) covering an area of 928.6 hectares located approximately 30
kilometres north of the city of Rouyn-Noranda and 10 kilometres east of
the village of Duparquet within the townships of Duparquet and Destor
in the Province of Quebec.
Xmet is the operator and can earn a 75% interest in the Duquesne-Ottoman
property from Globex Mining Enterprises Inc. (TSX:GMX) by investing a
total of $10 million in exploration on the property and making cash
payments totalling CDN $7.76 million over four years.
Neither 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 this release.
SOURCE XMET INC.
For further information:
Charles Beaudry, President and COO
Phone (416) 644-6588
Tim Gallagher, Director
Phone: (416) 925-0090
Renmark Financial Communications Inc.
Maurice Dagenais: firstname.lastname@example.org
Christine Stewart: email@example.com
Tel.: (514) 939-3989 or (416) 644-2020