TORONTO, ONTARIO--(Marketwire - Dec 28, 2012) - Xmet Inc. (TSX VENTURE:XME) ("Xmet") is pleased to announce that, subject to the acceptance of the TSX Venture Exchange (the "Exchange") it has closed an expedited non-brokered private placement offering of 4,387,500 common shares in the capital of Xmet (each, a "Common Share") issued on a flow through basis for aggregate gross proceeds of $351,000 (the "Offering").
The proceeds of the Offering will be used by Xmet for additional work on its Quebec projects.
The securities issued in connection with the closing of the Offerings will be subject to a four month hold period expiring on March 28, 2013.
In connection with the closing of the Offering, Xmet paid a cash finder''s fee of $28,080 (equal to 8% of the aggregate gross proceeds raised in connection with the Offering) and issued 307,125 non-transferable compensation options exercisable at $0.08 per compensation option to acquire 307,125 Common Shares expiring on December 28, 2014 (equal to 7% of the aggregate number of Common Shares issued in connection with the Offering).
The Offering remains subject to final acceptance by the Exchange.
About Xmet Inc.
Xmet is a gold exploration company focused on advanced projects in existing mining camps in Canada where exploration and mining costs are minimized and where previous and historic producing mines make for much easier permitting. Xmet''s flagship project, the Duquesne-Ottoman property, which covers an area of 928.6 hectares, is located approximately 30 kilometres north of the city of Rouyn-Noranda and 10 kilometres east of the village of Duparquet within the townships of Duparquet and Destor in the Province of Quebec.