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X-TERRA announces closing of $1.1 million private placement
X-TERRA announces closing of $1.1 million private placement Canada NewsWire ROUY...
About this update from Comet Lithium Corp
[{"type":"text","content":"\n\n\n\nX-TERRA announces closing of $1.1 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, May 25, 2017\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, May 25, 2017 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) and (FRANKFURT: XTR) is pleased to announce that it has held a first closing of its previously-announced non-brokered private placement by issuing 4,654,166 units at a price of $0.24 per unit for gross proceeds to X-Terra Resources of $1,117,000.  Each of the 4,654,166 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 $0.35 for a period of 24 months from the closing date.\n\nAdditional closings of the private placement may be held until June 19, 2017, subject to a maximum of 5,416,666 units, for total maximum gross proceeds of $1,300,000.\n\nX-Terra Resources will use the proceeds from the first closing of the private placement for exploration on its properties located in the province of Québec and for working capital purposes. A $100,000 of the private placement was raised with SIDEX, a Quebec institutional fund through its \"Field Action 2017\" program. The mission of SIDEX is to invest in companies engaged in mineral exploration in the province of Québec.\n\nIn connection with the private placement, X-Terra Resources paid cash sales commissions to various securities dealers and finders in an aggregate amount of $10,440. In addition, X-Terra granted finder's options to Canaccord Genuity Corp. and PI Financial Corp. entitling them to acquire up to an aggregate of 43,500 additional common shares of X-Terra Resources at a price of $0.24 per share for a period of two years.\n\nAs a result of the first closing of the private placement, there are 22,915,889 common shares of X-Terra Resources issued and outstanding. Under applicable securities legislation, the sec...