X-Terra Resources to acquire 100% interest in four New Brunswick properties
X-Terra Resources (TSXV: XTT) today announced, in connection with NBGold Inc., the acquisition by way of an option of a 100% ownership interest in 34 mining claims comprising four mining properties in New Brunswick, Canada.
The company says is has completed due diligence on the acquisition of the properties and the initial submission has been filed with the Exchange. X-Terra has commissioned the preparation of a technical report for the properties prepared in accordance with the requirements of National Instrument 43-101.
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. The terms of the Letter of Intent provide for the entering into a definitive agreement, subject to regulatory approval, by November 30. 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.