Ms. Latika Prasad reports
X1 ANNOUNCES NON-BROKERED UNIT FINANCING
X1 Entertainment Group Inc. has arranged a non-brokered private placement of eight million units of the company at a price of 25 cents per unit for gross proceeds of up to $2-million. Each unit will comprise one common share in the capital of the company and one share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional share at a price of 30 cents per warrant share for a period of 24 months from the date of closing.
The company intends to use the net proceeds from the offering for (i) expenses incurred in connection with the company’s acquisition of the Manson Bay property and change of business to a mineral exploration company (the COB), as set out its news release dated Feb. 7, 2024, (ii) completion of the work program on the Manson Bay property, (iii) consulting, management and director fees, (iv) marketing and investor relations, and (v) general and administrative expenses.
The company may, in its sole discretion, increase the size of the offering to up to $3-million based on market conditions and investor demand. Closing of the offering will occur only following shareholder approval of the COB and is intended to complete concurrently with completing the COB, which also requires the approval of the Canadian Securities Exchange (the CSE). The company may pay a finder’s fee in connection with the offering to eligible arm’s-length finders in accordance with the policies of the CSE. All securities issued in connection with the offering will be subject to a statutory hold period of four months and one day following the closing date in accordance with applicable Canadian securities laws.
About X1 Entertainment Group Inc.
X1 Entertainment Group is a public company based in Vancouver, B.C., whose common shares are listed on the Canadian Securities Exchange under the ticker symbol XONE. The company has entered into a definitive asset purchase agreement with SKRR Exploration Inc. pursuant to which the company has agreed to acquire a 100-per-cent legal and beneficial interest in 13 contiguous mineral claims totalling 4,293.213 hectares located in the province of Saskatchewan known as the Manson Bay property.
We seek Safe Harbor.
