ROUYN‑NORANDA, QC, July 29, 2016 /CNW Telbec/ - Michel Baribeau announces that Forage Magma Inc., a company controlled by him, has sold 102,500 common shares of X‑Terra Resources Inc. ("X‑Terra") at an average price of $0.275 per share, representing approximately 0.86% of the issued and outstanding common shares of X‑Terra.
Immediately prior to the transaction described herein, Michel Baribeau owned or had control or direction, directly or indirectly, over an aggregate of 790,000 common shares of X‑Terra, representing approximately 6.63% of the issued and outstanding common shares, and 500,000 common share purchase warrants of X‑Terra, representing approximately 16.94% of all issued and outstanding warrants of X‑Terra. Assuming the exercise of all warrants held by Mr. Baribeau, he would have owned, directly or indirectly, 1,290,000 common shares of X‑Terra, representing approximately 10.39% of the X-Terra common shares that would have then been issued and outstanding.
Immediately after the transaction, Michel Baribeau owns or has control or direction, directly or indirectly, over an aggregate of 687,500 common shares of X‑Terra, representing approximately 5.77% of the issued and outstanding common shares of X‑Terra, and 500,000 common share purchase warrants of X-Terra, representing 16.94% of all the issued and outstanding warrants of X‑Terra. Assuming the exercise of all warrants held by Mr. Baribeau, he would own, directly or indirectly, 1,187,500 common shares, representing 9.56% of the X‑Terra common shares that would then be issued and outstanding.
The common shares were disposed of 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 and/or other equity, debt or other securities or instruments of X‑Terra in the open market or otherwise, and he reserves the right to dispose of any or all of his X‑Terra 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 and other relevant factors.
The common shares of X-Terra were sold through the facilities of the TSX Venture Exchange.
A copy of the Early Warning Report filed by Mr. Baribeau in connection with the foregoing transaction is available on SEDAR under X‑Terra's SEDAR profile. This 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, Telephone: (514) 773-8589