Xtra Energy Corp., Announces Purchase of Service Agreement with Red Beryl Mining Company, Inc. & Strategic Stibium Mining LLC.
Rhea-AI Summary
Xtra Energy Corp (OTC Markets:XTPT) announced a significant agreement to acquire an 825-acre mining property for a well-documented Antimony Deposit in the U.S. with Red Beryl Mining Company and Strategic Stibium Mining LLC. The deal involves 10,000,000 restricted common shares as consideration. Antimony is crucial for electronics and battery production, highlighting its strategic importance as the U.S. currently lacks domestic production. Chairman Mr. Mac Shahsavar emphasized this move as a substantial advancement for Xtra Energy, aiming to secure essential minerals for future technologies.
Positive
- Acquisition of 825-acre mining property for Antimony deposit enhances resource portfolio.
- Antimony has strategic importance due to U.S. lack of domestic production, positioning XTPT favorably in critical mineral market.
- Chairman expressed confidence in the partnership with Red Beryl Mining, indicating potential for operational success.
Negative
- Deal consideration involves issuance of 10,000,000 restricted shares, potentially impacting existing shareholder value.
News Market Reaction – XTPT
In the trading session that priced this news, XTPT declined 2.00%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
AUSTIN, TX / ACCESSWIRE / June 1, 2022 / Xtra Energy Corp. (OTC Markets:XTPT) announced today that it has entered into a definitive agreement with Red Beryl Mining Company, Inc. & Strategic Stibium Mining LLC, to procure an 825 acre mining property. The goal will be to obtain
What is Antimony?
Antimony is a semimetal. In its metallic form it is silvery, hard and brittle. Antimony is used in the electronics industry to make some semiconductor devices, such as infrared detectors and diodes. It is alloyed with lead or other metals to improve their hardness and strength. A lead-antimony alloy is also used in batteries, this is quickly becoming the most important use of antimony metal. Currently China and Russia control more than
Mr. Mac Shahsavar, Chairman of the Company is quoted in saying, "this agreement is a major step forward for Xtra Energy Corp. We knew Red Beryl Mining was the right company for this mission. Their efficiency at transforming BrightRock Gold Corp made us confident that the same success can be achieved with Xtra Energy Corp. Batteries will power the future, and they will need these minerals to make it possible."
The consideration for this agreement is 10,000,000 restricted common shares and no cash consideration to be paid to each party being Red Beryl Mining Company, Inc. & Strategic Stibium Mining LLC.
References :
https://www.forbes.com/sites/davidblackmon/2021/05/06/antimony-the-most-important-mineral-you-never-heard-of/?sh=71c26d052b23
https://www.rsc.org/periodic-table/element/51/antimony
Contact:
Xtra Energy Corporation
Phone : 512-412-3636
FORWARD-LOOKING STATEMENTS:
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For a discussion of these risks and uncertainties, please see our filings with the OTC Markets Group Inc. Our public filings with the OTC Markets Group Inc are available from commercial document retrieval services and at the website maintained by the OTC Markets at https://www.otcmarkets.com/stock/XTPT/disclosure
SOURCE: Xtra Energy Corp.
View source version on accesswire.com:
https://www.accesswire.com/703531/Xtra-Energy-Corp-Announces-Purchase-of-Service-Agreement-with-Red-Beryl-Mining-Company-Inc-Strategic-Stibium-Mining-LLC