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X-Terra Resources Announces Amendments to the Terms of its Option to Acquire an Interest in Four Mining Properties Located in New-Brunswick
ROUYN-NORANDA, QC, Feb. 4, 2019 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) ("X-Terra") is pleased to announce that it has reached an agr
About this update from Comet Lithium Corp
[{"type":"text","content":" ROUYN-NORANDA, QC, Feb. 4, 2019 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) (\"X-Terra\") is pleased to announce that it has reached an agreement with NBGold Inc. (the \"Optionor\") to modify the terms and conditions of its previously-announced exploration and option agreement (the \"Option Agreement\") dated November 16, 2018 for the acquisition of 34 mining claims comprising the Grog, Rim, Dome and Bonanza mining properties (the \"Properties\") which are located approximately 30 kilometres (direct flight) south west of the town of Campbellton in the Province of New Brunswick, Canada. Given the difficult market conditions prevailing in the capital market for small resources exploration companies at the end of 2018 and given the strong negative reaction of certain X-Terra's shareholders and potential investors to the significant dilution effect of the option on X-Terra's capital, X-Terra engaged into discussions with the Optionor and Tim Lavoie, one of the previous optionors pursuant to the Option Agreement, to amend the terms and conditions of the Option Agreement. On February 1, 2019 X-Terra and the Optionor have entered into two sperate amended and restated exploration and option agreements for the Properties (collectively, the \"Agreements\") replacing the Option Agreement, pursuant to which X-Terra now has an option (the \"Option\") to acquire a 70% undivided ownership interest (instead of a 100%) in the Properties. One of the amended and restated exploration and option agreement is for the Grog mining property (the \"Grog Property\") while the other one is for the Rim, Dome and Bonanza mining properties (collectively, the \"Northwest Property\"). \"We are very enthusiastic to have reached an agreement with NBGold to modify the terms and conditions of the initial option which will now allow X-Terra to move forward with this project. The revised terms and conditions of the option will still allow X-Terra to acquire a significant interest in the Properties and will be less dilutive for X-Terra's shareholders, less onerous for X-Terra and in line with market expectations\" said Michael Ferreira, President and Chief Executive Officer of X-Terra. X-Terra completed its due diligence over the Properties in October 2018 which confirmed the potential of...