Brownstone Ventures Inc. announced that it has entered into the formal assignment agreement with X-Terra Resources Corporation, whereby Brownstone will acquire a 50% interest in X-Terra's exploration licenses for petroleum and natural gas on its shale gas properties located in the Quebec Lowlands (collectively, the "Licenses"). As payment, Brownstone Ventures will issue 2,000,000 common shares and 2,000,000 common share purchase warrants to X-Terra. Each warrant will entitle X-Terra to purchase one common share of Brownstone at a price of $2.00 for a period of two years. Brownstone will be the operator of an exploration program for the territory covered by the Licenses.
The assignment agreement is subject to certain conditions, including confirmation of the granting of the Licenses by the Ministere des Ressouces Naturelles et de la Faune of the Province of Quebec to X-Terra, and approval by the TSX Venture Exchange of the assignment of the 50% interest and the issuance by Brownstone to X-Terra of the 2,000,000 shares and warrants in payment.
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