TORONTO, ONTARIO--(Marketwired - Jan. 2, 2014) - 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 second and final tranche of a non-brokered private placement offering of 1,600,000 common shares and 120,000 share purchase warrants in the capital of Xmet at a price of $0.125 per Share for aggregate gross proceeds of $200,000 (the "Second Closing"). The Second Closing was composed of 1,360,000 common shares issued on a flow through basis and 240,000 units issued on a non-flow through basis, with each unit composed of one common share and one half of a common share purchase warrant entitling the holder to purchase one common share at $0.19 for one year from closing. Certain directors and officers of Xmet participated in the final tranche of the financing.
"As referred to in our news release of December 23, 2013, completion of this financing will enable us to follow up on the multiple anomalies that we discovered during our previous airborne geophysical work. With this financing now closed our focus is now solely on developing the Blackflake project and to aggressively work towards implementation of our drill program." said Alexander Stewart, Chairman and CEO of Xmet.
The securities issued in connection with the Second Closing will be subject to a four month hold period expiring on May 1, 2014. In connection with the Second Closing, Xmet paid a cash finder's fee of $11,725 (equal to 7% of a portion of the aggregate gross proceeds raised on the Second Closing).
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.