X-Terra Resources Corporation
TSX VENTURE : XT

X-Terra Resources Corporation

May 29, 2007 09:00 ET

X-Terra Resources Corporation: Private Placement Closed

VANCOUVER, BRITISH COLUMBIA—-(Marketwire – May 29, 2007) - X-Terra Resources Corporation (TSX VENTURE:XT) (the "Company") announces that it closed on May 28, 2007 a non-brokered private placement of 1,000,000 Units at a price of $0.56 per Unit for gross proceeds of $560,000. Each Unit consists of one common share of the Company and one non-transferable share purchase warrant, with each warrant entitling the holder to acquire one additional common share of the Company at a price of $0.70 per share until May 28, 2009. Finders' fees of $22,400 are due in connection with the private placement. All securities issued are subject to a 4-month hold period expiring September 29, 2007.

The Company intends to use the proceeds of the private placement for general working capital and to fund the proposed exploration and development work on the Villedieu Township mineral claims.

BY THE ORDER OF THE BOARD OF DIRECTORS

John S. Brock, President

Contact Information

  • X-Terra Resources Corporation
    Blaine Monaghan
    Manager, Investor Relations
    (604) 687-4951 or Toll-Free: 1-800-403-2988
    Email: ir@badgerandco.com