Business
X-Terra Signs Letter of Intent for Reverse Take-Over and "Spin-Out" of Resource Assets in New Company
ROUYN-NORANDA, QC , Oct. 3, 2013 /CNW Telbec/ - X-Terra Resources Corporation (TSXV: XT...
About this update from Olive Resource Capital Inc.
[{"type":"text","content":"\n\n\nROUYN-NORANDA, QC, Oct. 3, 2013 /CNW Telbec/ - X-Terra Resources Corporation (TSXV: XT) is pleased to announce that it has entered into a letter of intent dated\n October 3, 2013 with an arm's-length Toronto-based private company for\n a reverse take-over of X-Terra and the \"spin-out\" of X-Terra's resource\n properties in a new public company.\n\n\nThe letter of intent provides that X-Terra will amalgamate or otherwise\n combine with the Toronto-based company and become a natural resources\n merchant bank.  At the same time, X-Terra will transfer all of its\n resource properties and all of its liabilities to a new company, and\n distribute the shares of the new company to X-Terra's shareholders.  As\n a result, at the closing of the proposed transaction, X-Terra's\n shareholders will become shareholders of a new natural resources\n merchant bank and shareholders of a new company which will carry on\n X-Terra's current natural resource business.\n\n\nCompletion of the proposed transaction is subject to numerous\n conditions, including negotiation and execution of definitive\n agreements, shareholder approval, completion of financing, and\n regulatory approval, including that of the TSX Venture Exchange.  No\n assurances can be given that the proposed transaction will be completed\n as proposed or at all.\n\n\nX-Terra will issue a detailed press release regarding the proposed\n transaction when its terms and conditions are finalized.  X-Terra\n understands that its stock will be halted on the TSX Venture Exchange\n pending such press release.\n\n\nAbout X-Terra Resources\n\n\nX-Terra is a resource company focused on acquiring and exploring energy\n properties in Canada. X-Terra Resources has 11,783,069 shares\n outstanding, a cash position of $2.35 million and an investment of\n 2,000,000 shares of Brownstone Energy Inc.\n\n\nForward-looking Statements\n\n\nThis news release contains certain forward-looking statements. These\n forward-looking statements are subject to a variety of risks and\n uncertainties beyond the ability of X-Terra to control or predict,\n which could cause actual events or results to differ materially from\n those anticipated in such forward-looking statements, including risks\n disclosed in filings with the Canadian securities regulators made by\n X-Terra. No assurance can be...