ROUYN-NORANDA, QC, Nov. 16, 2016 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) is pleased to announces that it has completed a non-brokered private placement by issuing 3,050,000 units at a price of $0.15 per unit for gross proceeds to X-Terra Resources of $457,500. Each of the 3,050,000 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 $0.25 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.
As a result of the private placement, there are 15,236,123 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 March 17, 2017.
About X-Terra Resources Inc.
X-Terra Resources is a resource company focused on acquiring and exploring precious metals and 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: [email protected], Website: www.xterraresources.com