TORONTO, ONTARIO--(Marketwired - Dec. 23, 2013) - Xmet Inc. (TSX VENTURE:XME)(OTCQX:XMTTF) ("Xmet") is pleased to announce that, subject to the acceptance of the TSX Venture Exchange (the "Exchange"), it has closed a non-brokered institutional private placement offering of 4,000,000 common shares in the capital of Xmet issued on a flow through basis (each, a FT Share) at a price of $0.125 per FT Share for aggregate gross proceeds of $500,000 (the "First Closing"). Xmet will leave the offering open until year end and may accept further subscriptions from other qualified investors. For further information on the offering please contact Stephen Stewart at the coordinates set out below.
The proceeds of the offering will be used by Xmet for additional development work on its Blackflake project near Hearst, Ontario.
"We have been able to secure financing at a premium to market which will enable us to follow up on the multiple anomalies that we discovered during our previous airborne geophysical work. Our plan for the first quarter of 2014 is to continue our aggressive exploration and development plans for the Blackflake project. The steps are to complete detailed ground work including ground magnetic and Induced Polarization surveys in order to improve the resolution of defined airborne targets in advance of drilling. All of this ultimately leads to Xmet being able to pull drill core out of the ground in early 2014," said Alexander Stewart, Chairman and CEO of Xmet. He continued by saying "in addition to our planned work, we look forward to continuing to develop an excellent working relationship with the Constance Lake First Nation. Management is scheduled to visit the Chief and Council in early January, 2014."
The securities issued in connection with the First Closing will be subject to a four month hold period expiring on April 23, 2014. In connection with the First Closing, Xmet paid a cash finder's fee of $35,000 (equal to 7% of the aggregate gross proceeds raised on the First Closing) and issued 160,000 non-transferable compensation options exercisable at $0.135 per compensation option to acquire 160,000 Common Shares expiring on December 23, 2014.
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.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Xmet assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Xmet. Additional information identifying risks and uncertainties is contained in filings by Xmet with Canadian securities regulators, which filings are available under Xmet's profile at www.sedar.com.