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X-Terra Resources Amends Transaction for the Veronneau Property To Purchase 100% Interest
X-Terra Resources Amends Transaction for the Veronneau Property To Purchase 100% Interest ...
About this update from Comet Lithium Corp
[{"type":"text","content":"\n\n\n\nX-Terra Resources Amends Transaction for the Veronneau Property To Purchase 100% Interest\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, April 11, 2018\n\n\n\nROUYN-NORANDA, QC, April 11, 2018 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) is pleased to announce that it has entered into a new agreement (the \"Agreement\") with the owners (the \"Vendors\") of a 90% ownership interest in 515 mining claims comprising the Veronneau Property. Pursuant to the Agreement, the exploration and option agreement dated January 16, 2017 between X-Terra and the Vendors, pursuant to which X-Terra had an option to acquire up to a 60% undivided ownership interest in the Veronneau Property, will be terminated (see news release of X-Terra dated January 17, 2017 for more details on the original transaction). Pursuant to the Agreement, X-Terra Resources, which has already acquired a 10% ownership interest in the Veronneau Property from the Vendors, agreed to purchase the remaining 90% undivided interest in the Veronneau Property owned by the Vendors.\n\nMichael Ferreira, President and Chief Executive Officer of X-Terra stated \"Despite challenging market conditions, this is an important milestone for X-Terra, allowing it to strengthen its property portfolio with promising high quality mineral properties\".\n\nThe consideration to be paid for the acquisition of the 90% ownership interest in the Veronneau Property is: (i) a cash payment of $50,000 to the Vendors; (ii) the issuance of 3,000,000 common shares of X-Terra to the Vendors, which shares will be issued at a deemed price of $0.15 per share; and (iii) the issuance of 3,000,000 common share purchase warrants of X-Terra to the Vendors. Each warrant will entitle the holder thereof to acquire one common share of X-Terra at a price of $0.20 for a period of five years from the closing date of the acquisition. The Veronneau Property will be subject to a 3.5% net smelter return royalty payable to the Vendors, which percentage may be reduced to 2.0% a...