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ROUYN-NORANDA, QC, Dec. 30, 2019 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) is pleased to announce that it has held a final closing of its previously-announced non-brokered private placement at which it issued 3,200,000 Quebec "flow-through" common shares at a price of $0.125 per share for gross proceeds to X-Terra Resources of $400,000. X-Terra Resources intends to use the proceeds from the private placement for exploration on certain of its mining exploration properties in Québec.
In connection with the private placement, X-Terra Resources paid cash commissions to two securities dealers in an aggregate amount of $24,000. As a result of the second and final closing of the private placement, there are 58,795,053 common shares of X-Terra Resources issued and outstanding. Under applicable securities legislation, the common shares issued in the private placement are subject to a four-month hold period, expiring on May 1, 2020.
About X-Terra Resources Inc.
X-Terra Resources is a resource company focused on acquiring and exploring precious metals and energy properties in Canada.
SOURCE X-Terra Resources Inc.
For further information: X-Terra Resources Inc., Michael Ferreira, President and Chief Executive Officer, 139 Québec Avenue, Suite 202, Rouyn-Noranda, Québec, J9X 6M8, Telephone: 819-762-4101, Fax: 819-762-0097, E-mail: [email protected]