Business
X-Terra Resources Completes "Spin-Out" and Reverse Take-Over with Norvista Capital Corporation
ROUYN-NORANDA, QC , June 5, 2014 /CNW Telbec/ - Norvista Capital Corporation (TSXV: NVV)...
About this update from Olive Resource Capital Inc.
[{"type":"text","content":"\n\n\nROUYN-NORANDA, QC, June 5, 2014 /CNW Telbec/ - Norvista Capital\n Corporation (TSXV: NVV) (formerly X-Terra Resources Corporation (TSXV:\n XT)) and X-Terra Resources Inc. (TSXV: XTT) are pleased to announce\n that X-Terra Resources Corporation yesterday completed its\n previously-announced \"Spin-Out\" of all of its assets (except for\n 2 million shares of Brownstone Energy Inc. held by X-Terra and\n $1.85 million in cash) and all of its liabilities to X-Terra Resources\n Inc. (\"New X-Terra\") and its Reverse Take-Over involving Norvista Capital Corporation (\"Norvista Capital\").\n\n\nConcurrent with the closing of the Spin-Out, New X-Terra raised gross\n proceeds of $225,000 at the closing of its previously-announced private\n placement by issuing 2,250,000 common shares at a price of $0.10 per\n share (the \"New X-Terra Private Placement\").  New X-Terra will use the proceeds of the New X-Terra Private\n Placement for its exploration program on its energy properties located\n in Québec and for working capital purposes.\n\n\nIn connection with the closing of the Spin-Out, each X-Terra shareholder\n is entitled to receive one New X-Terra common share for every four\n X-Terra shares held, representing an aggregate of 2,945,744 common\n shares of New X-Terra.  As a result of the closing of the Spin-Out and\n the New X-Terra Private Placement, there are 6,177,790 common shares of\n New X-Terra issued and outstanding.\n\n\nThe Board of Directors of New X-Terra is comprised of Martin Dallaire,\n Sylvain Champagne, Sébastien Bellefleur, Gerry Feldman,\n Michael F. Ferreira and Jean-François Madore.  The officers of New\n X-Terra are Martin Dallaire (President and Chief Executive Officer) and\n Sylvain Champagne (Chief Financial Officer and Corporate Secretary).\n\n\nX-Terra and Norvista Capital are also pleased to announce that in\n connection with the closing of the Reverse Take-Over, X-Terra filed\n Articles of Amalgamation on June 4, 2014 in order to amalgamate with\n its wholly-owned subsidiary, Norvista Capital, and change its name to\n \"Norvista Capital Corporation\" (\"New Norvista\").\n\n\nConcurrent with the closing of the Reverse Take-Over, New Norvista\n raised gross proceeds of $2,967,500 at the closing of its\n previously-announced private...