X-Terra Resources Corporation
TSX VENTURE : XT

X-Terra Resources Corporation

February 02, 2006 09:00 ET

Canadian Empire Exploration Corp.: News Release

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 2, 2006) -

THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Canadian Empire Exploration Corp. announced today that it has arranged, subject to regulatory approval, the private placement of up to a $175,000 principal amount convertible Promissory Note.

The Promissory Note is unsecured, bears interest at 6% per annum and is due on demand. The principal amount of the Note is convertible at the holder's option into common shares of the Company, for a maximum of 5 years, on the basis of one common share for every $0.165 of principal amount converted during the first two years and thereafter, the conversion rate increases 10% per year over the previous year's conversion rate.

The Company intends to add the proceeds of the placement to its general working capital.

John S. Brock, President

Contact Information

  • Canadian Empire Exploration Corp.
    Blaine Monaghan
    Manager, Investor Relations
    (604) 687-4951 or Toll Free: 1-800-403-2988
    Email: ir@badgerandco.com