VANCOUVER, British Columbia, Feb. 14, 2018 (GLOBE NEWSWIRE) -- The Pacific Road Resources Funds (“PRRF”) announce that, pursuant to the previously disclosed transaction agreement (the “Transaction Agreement”) with Xtierra Inc. (“Xtierra” or the “Corporation”), PRRF has completed the settlement of the outstanding indebtedness owing by Xtierra for an aggregate of 18,442,721 common shares in the capital of Xtierra (“Common Shares”) and sold an aggregate of 50,000,000 Common Shares for an aggregate purchase price of C$1,000,000 (or C$0.02 per Common Share). The 50,000,000 Common Shares represent approximately 37.1% of the issued and outstanding Common Shares.
In addition, PRRF has sold an aggregate of 2,532,000 Common Shares over the facilities of the TSX Venture Exchange, representing approximately 1.9% of the issued and outstanding Common Shares. As a result of these transactions, PRRF now holds 13,176,375 Common Shares, representing approximately 9.8% of the issued and outstanding Common Shares.
PRRF sold its securities for investment purposes and may or may not purchase or sell securities of the Corporation in the future on the open market or in private transactions, depending on market conditions and other factors. Depending on market conditions, general economic and industry conditions, the Corporation’s business and financial condition and/or other relevant factors, PRRF may develop other plans or intentions in the future relating to one or more of the above items.
A copy of the early warning report filed in connection with the investment will be available on the Corporation’s profile on SEDAR at www.sedar.com or may be obtained by contacting Greg Dick at +61 2 9241 1000.
About Pacific Road Resources Funds and Pacific Road Capital Management Pty Limited
The Pacific Road Resources Funds are private equity funds investing in the global mining industry. They provide expansion and buyout capital for mining projects, mining related infrastructure and mining services businesses located throughout resource-rich regions of the world. The Pacific Road Resources Funds are managed and advised by Pacific Road Capital Management Pty Ltd (“PRCM”). The PRCM team, located in Sydney, Australia, San Francisco, USA, and Vancouver, Canada, is comprised of experienced mining investment professionals that have extensive knowledge and experience in the mining and infrastructure sectors, including considerable operating, project development, transactional and investment banking experience. For further information on the Pacific Road Resources Funds and PRCM, please go to their website at www.pacroad.com.au.