2024-08-14 19:40 ET – News Release
Ms. Latika Prasad reports
X1 SHAREHOLDERS APPROVE CHANGE OF BUSINESS
X1 Entertainment Group Inc.’s shareholders have approved the company’s proposed change of business from a technology company to a mineral exploration company (the COB), in connection with its previously announced proposed acquisition of the Manson Bay project located in Saskatchewan, Canada, and the company’s concurrent non-brokered private placement of special warrants of the company for gross aggregate proceeds of $3-million.
Each special warrant will automatically convert without the payment of any additional consideration, into one unit of the company consisting of one common share and one common share purchase warrant exercisable for two years at an exercise price of 30 cents, on the date that is three business days following the satisfaction of a series of conditions, being the approval of shareholders of the COB, conditional approval of the COB by the Canadian Securities Exchange and the completion of the acquisition. The sole condition currently outstanding is the completion of the acquisition. The company anticipates the acquisition will close in August, 2024.
Concurrently, with closing the acquisition, the company will change its name to Military Metals Corp. and its ticker symbol on the CSE to MILI.
In connection with the COB, at today’s meeting of shareholders, Mick Carew and Zoran Pudar were elected to the board of directors of the company. Mr. Carew holds a PhD in geology and has over 20 years corporate and capital markets experience. Mr. Pudar holds a diploma in economic geology and has been working in mineral exploration for approximately 40 years.
“We are excited to welcome Mick and Zoran to the board of directors, as we shift our focus to developing an exploration strategy on the Manson Bay project and reviewing opportunities in the mineral exploration industry,” said Latika Prasad, chief executive officer of X1. She noted, “Each brings extensive experience to the table, and the company will greatly benefit from these additions.”
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 (CSE: 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.
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