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X-Terra announces closing of $1 million private placement
X-Terra announces closing of $1 million private placement Canada NewsWire ROUYN-...
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[{"type":"text","content":"\n\n\n\nX-Terra announces closing of $1 million private placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nROUYN-NORANDA, QC, Jan. 24, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n\n\n\nROUYN-NORANDA, QC, Jan. 24, 2018 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR)  is pleased to announce that it has completed a non-brokered private placement by issuing 5,000,000 units at a price of $0.20 per unit for gross proceeds to X-Terra Resources of $1,000,000.  Each of the 5,000,000 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 $0.30 for a period of 24 months from the closing date.\n\nX-Terra Resources will use the proceeds from this private placement for exploration on its properties located in the province of Québec and for working capital purposes. In connection with the private placement, X-Terra Resources paid a cash sale commission to PI Financial Corp. totalling $4,080.  In addition, X-Terra granted finder's options to PI Financial Corp. entitling it to acquire up to 20,400 additional common shares of X-Terra Resources at a price of $0.20 per share for a period of 24 months from the closing date.\n\nAs a result of the closing of the private placement, there are 30,648,389 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 May 24, 2018. \n\nOne director and officer of X-Terra Resources (the \"Insider\") purchased 250,000 units for a total consideration of $50,000.  The issuance of units to the Insider constitutes a related party transaction but is exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") as...