Business
X-Terra Resources provides an update on its option to acquire a 70% interest in mining properties located in New Brunswick
ROUYN-NORANDA, QC, April 22, 2019 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) and (FRANKFURT: XTR) is pleased to announce it has received conditional appr
About this update from Comet Lithium Corp
[{"type":"text","content":" ROUYN-NORANDA, QC, April 22, 2019 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) and (FRANKFURT: XTR) is pleased to announce it has received conditional approval from the TSX Venture Exchange for its previously announced transaction to acquire from NB Gold Inc. a 70% interest in the Grog property and Northwest property (which is comprised of the Rim, Dome and Bonanza properties) located in New Brunswick (collectively, the \"Properties\"). The 70% interest in the Properties will be acquired by the Corporation pursuant to two amended and restated exploration and option agreements dated February 1, 2019, as amended, between the Corporation and NB Gold Inc. (collectively, the \"Agreements\") (see the Corporation's press release dated February 4, 2019). The Corporation expects to complete shortly the initial closing of its option under the Agreements. \"While this transaction took longer than most to materialize, the Corporation is extremely pleased with the outcome and looks forward to the upcoming exploration season for the Grog and Northwest properties\" stated Michael Ferreira, President and Chief Executive Officer of X-Terra Resources. \"I am extremely happy to be concluding this transaction with X-Terra Resources. Their team has worked incredibly hard throughout the past year in order to identify and showcase the opportunity the Grog and Northwest properties will provide for its shareholders as well as the shareholders of NB Gold.\" Stated Jimmy Gravel, President of NB Gold Inc. The Corporation has been planning and continues to plan for the upcoming exploration season slated to debut as soon as possible. In other news, the Corporation has decided to withdraw from its option to acquire a 60% interest in the Veronneau property and will maintain its already acquired 10% interest in the property. This was a very difficult decision but given the context of the market and the exploration challenges presented at the Veronneau property, the Corporation decided it was in its best interest to focus its efforts on its existing portfolio of projects, including its Troilus East, Ducran and its newly optioned Properties in New Brunswick. About X-Terra Resources Inc. X-Terra Resources is a resource company focused on acquiring and exploring precious metals and energy properties in Canada. X-Terra Resources currently h...