ROUYN-NORANDA, QC, Nov. 25, 2015 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) is pleased to announces that it has completed a non-brokered private placement by issuing 3,400,000 units at a price of $0.05 per unit for gross proceeds to X-Terra Resources of $170,000. Each of the 3,400,000 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 $0.10 for a period of 24 months from the closing date. One director and officer of X-Terra Resources participated in the private placement for an amount of $20,000.
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.
As a result of the private placement, there are 9,577,690 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 March 26, 2016.
Troilus East project
In other news, X-Terra Resources is pleased to announce that has recently acquired by map designation, a 100 % interest in 92 mining claims with strong gold potential located in the surrounding area of the past producing Troilus Mine. Located in the centre of the Opatica Subprovince, the Frotet-Evans volcano-sedimentary belt is primarily composed of tholeiitic and calc-alkaline volcanic formations. Very little exploration work has been performed in the area even if the former Troilus Mine located just south west has produced over two million ounces of gold and 50,000 tonnes of copper prior to its closure in 2010 (ref.DV-2011-01). The Troilus East Project is located approximately 135 kilometres by road from the town of Chibougamau, Québec, Canada.
About X-Terra Resources Inc.
X-Terra Resources is a resource company focused on acquiring and exploring energy properties in Canada. X-Terra Resources has 9,577,690 common shares issued and outstanding.
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: [email protected], Website: www.xterraresources.com