X-Terra and Brownstone Ventures have received confirmation from the Ministere des Ressources Naturelles
Pursuant to the assignment agreement dated June 10, 2008, Brownstone issued 2,000,000 common shares and 2,000,000 common share purchase warrants to X-Terra. Each warrant entitles X-Terra to purchase one common share of Brownstone at a price of $2.00 per share until October 28, 2010. The common shares, warrants and common shares underlying the warrants are subject to a four month hold period expiring on March 1, 2009.
Subsequent to the transfer of the 50% interest in the Quebec Shale Licenses, X-Terra and Brownstone will entered into an operating agreement pursuant to which Brownstone shall become the operator of an exploration program for the territory covered by the Québec Shale Licenses. In connection with this transaction, X-Terra will issue, subject to regulatory approval, 150,000 units to PowerOne Capital Markets Limited of
The Quebec Shale Licenses cover a total of 159,991 hectares in the Quebec Lowlands.
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