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Xtra-Gold Closes CDN $1,000,000 Non-Brokered Private Placement and Commences Drilling Preparations
Toronto, Ontario--(Newsfile Corp. - May 25, 2016) - Xtra - Gold Resources Corp. (T...
About this update from Xtra-gold Resources Corp.
[{"type":"text","content":"Xtra-Gold Closes CDN $1,000,000 Non-Brokered Private Placement and Commences Drilling PreparationsToronto, Ontario--(Newsfile Corp. - May 25, 2016) - Xtra-Gold Resources Corp. (TSX: XTG) (OTCQB: XTGRF) (\"Xtra-Gold\" or the \"Company\") announces it has closed its previously announced non-brokered private placement financing of $1,000,000 through the sale of 2,500,000 units at $0.40 per unit. Each unit consists of one common share and one-half (1/2) of a common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at a price of $0.65 for a period of 15 months from closing.In connection with this placement, the Company paid cash of $70,000 and issued 147,000 finder's warrants. Each finder's warrant entitles the holder to acquire one common share at a price of $0.65 for a period of 15 months from closing.The securities issued by Xtra-Gold are subject to a four-month plus one day \"hold period\" as prescribed by applicable Canadian securities laws.With the working capital provided by this placement, the Company has commenced drill preparations on its Cobra Creek Discovery with the potential to add significantly to its Maiden Resource (Zone 2 and 3). This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any U.S. state securities laws and may not be offered or sold in the United States or to U.S. persons except in compliance with the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom.About Xtra-Gold Resources Corp.Xtra-Gold is a gold exploration company with a significant land position in the Kibi greenstone belt (\"Kibi Gold Belt\") located in Ghana, West Africa. Our main assets comprise 5 mining leases totaling 55,905 acres.Forward-Looking StatementsThe TSX does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includ...