Xmet Inc. Closes $253,000 Financing by Way of Debt Conversion
01.05.2015 | Marketwired
TORONTO, May 1, 2015 - Xmet Inc. ("Xmet" or the "Company") (TSX VENTURE:XME) is pleased to announce that it has issued today to certain of its arm's length creditors, 5,060,000 units of the Company in satisfaction of aggregate indebtedness of $253,000 at an effective price of $0.05 per unit. Each unit is comprised of one common share of Xmet and one common share purchase warrant of Xmet. Each warrant entitles the holder to acquire one common share of Xmet at a price of $0.05 at any time until May 1, 2020.The Company determined to satisfy the indebtedness through the issuance of units in order to preserve cash to be used for operations and working capital purposes. The securities comprising and underlying the units will be subject to a four month hold period from the date of issuance.
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.
Contact
Xmet Inc.
Alexander Stewart, Chief Executive Officer
(416) 644-6588
astewart@xmet.ca
Xmet Inc.
Stephen Stewart, President
(416) 644-6588
sstewart@xmet.ca
