Xmet Inc.
TSX VENTURE : XME

Xmet Inc.

November 30, 2011 17:22 ET

Xmet Announces Closing of Above Market Non-Brokered Private Placement Financings for Aggregate Gross Proceeds of $1,200,560

TORONTO, ONTARIO--(Marketwire - Nov. 30, 2011) - Xmet Inc. (TSX VENTURE:XME) ("Xmet") is pleased to announce the closing of its two previously announced non-brokered private placement offerings of common shares in the capital of Xmet (each, a "Common Share") for aggregate gross proceeds of $1,200,560. In connection with the closing of the first non-brokered private placement, Xmet issued 1,538,000 Common Shares at a price of $0.13 per share for aggregate gross proceeds of $199,940 (the "Non-Flow Through Offering"). In connection with the closing of the second non-brokered private placement, Xmet issued 7,146,857 Common Shares on a flow through basis at a price of $0.14 per share for aggregate gross proceeds of $1,000,560 (the "Flow Through Offering" and, collectively with the Non-Flow Through Offering, the "Offerings").

The proceeds of the Flow-Through Offering will be used by Xmet for additional drilling on its Duquesne-Ottoman Property and Xmet's other projects. The proceeds of the Non-Flow Through Offering will be used by Xmet for ongoing business development, operating capital for projects, general and administrative expenses and for general working capital purposes.

In connection with the closing of the Non-Flow Through Offering, Xmet paid a cash finder's fee of $11,996.40 (equal to 6% of the aggregate gross proceeds raised in connection with the Non-Flow Through Offering) and issued 123,040 non-transferable compensation warrants exercisable at $0.13 per compensation warrant to acquire 123,040 Common Shares expiring on November 30, 2012.

In connection with the closing of the Flow Through Offering, Xmet paid a cash finder's fee of $60,033.60 (equal to 6% of the aggregate gross proceeds raised in connection with the Flow Through Offering) and issued 423,909 non-transferable compensation warrants exercisable at $0.14 per compensation warrant to acquire 423,909 Common Shares expiring on November 30, 2012.

The Offerings remains subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The securities issued in connection with the closing of the Offerings will be subject to a four month hold period expiring on March 30, 2012.

About Xmet Inc.

Xmet, through its wholly-owned subsidiary Duquesne-Ottoman Mines Inc. ("Duquesne-Ottoman Mines"), carries out gold and resource exploration and development. Pursuant to the terms of a mining option agreement between Duquesne-Ottoman Mines and Duparquet Assets Ltd., Duquesne-Ottoman Mines can earn an option to purchase 75% of the common shares in the capital of Duparquet Assets Ltd, which legally and beneficially owns 20 claims (commonly referred to as Duquesne West) and 40 claims (commonly referred to as Ottoman) covering an area of 928.6 hectares located approximately 30 kilometres north of the city of Rouyn-Noranda and 10 kilometres east of the village of Duparquet within the townships of Duparquet and Destor in the Province of Quebec.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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