X-Terra Resources finalizes due diligence to acquire 100% interest in four properties located in New-Brunswick and common shares to resume trading

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[{"type":"text","content":" ROUYN-NORANDA, QC, Nov. 8, 2018 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) (\"X-Terra\") is pleased to announce, in connection with the previously-announced signature of a letter of intent (the \"Letter of Intent\") with NBGold Inc. and Tim Lavoie (the \"Optionors\") for the acquisition by way of an option (the \"Option\") of a 100% undivided ownership interest in 34 mining claims comprising four mining properties located approximately 30 kilometres (direct flight) south west of the town of Campbellton in the Province of New Brunswick, Canada (the \"Properties\"), that X-Terra has completed its due diligence on the acquisition of these Properties and that the initial submission required pursuant to Policy 5.3 of the TSX Venture Exchange (the \"Exchange\") Corporate Finance Manual has been filed with the Exchange. In connection with the Option, X-Terra has commissioned the preparation of a technical report for the Properties (the \"Report\") prepared in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (\"NI 43-101\"). Mr. Claude Duplessis, P. Eng. of GoldMinds, and an independent qualified person under NI 43-101, prepared the Report, which has been submitted to the Exchange for review and approval. The Report will be filed on SEDAR (www.sedar.com) under X-Terra's SEDAR profile shortly after its approval by the Exchange. X-Terra has also been advised that its common shares are expected to resume trading on the Exchange at the opening of the market on November 9, 2018. The terms of the Letter of Intent provide for the entering into a definitive agreement, subject to regulatory approval, by November 30, 2018. X-Terra and the Optionors are working diligently to finalize the definitive agreement before such date.  The definitive agreement will provide that all securities to be issued by X-Terra pursuant to such agreement will be issued directly to NBGold's shareholders. The Option is also conditional upon the closing of an equity private placement by X-Terra for a minimum amount of $1.5 million and the approval of the Exchange. X-Terra and the Optionors are dealing at arm's length and no finder's fees are payable in connection with the proposed transaction. About X-Terra Resources Inc. X-Terra Resources is a resourc...

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