Xtierra receives TSXV conditional approval for the acquisition of controlling interest in Minera Portree and issuance of shares and warrants

Xtierra_07052020

TORONTOMay 6, 2020 /CNW/ – Xtierra Inc. (TSXV: XAG(“Xtierra” or the “Company”) signed a binding agreement on April 22, 2020 which was approved by the Board of Directors on April 28, 2020 to acquire 87.99% of Minera Portree De Zacatecas, S.A. de C.V, (“Portree”), a Canadian-owned Mexican corporation founded and operating in Mexico since 1989 for CDN$56,000 in cash less a deposit of CDN$26,000 previously paid, the remaining CDN$30,000 is payable in installments subject to certain milestones and the issue to the vendor of 2,000,000 common shares of the Company at a deemed value of CDN$0.05 per share. The TSX Venture Exchange (“TSXV”) has provided conditional approval of the acquisition which requires completion of legal documentation in Mexico.

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