Xtra-Gold announces $1.5 million private placement at $2.40 per unit

Xtra-Gold Resources Corp. (TSX: XTG) (OTCQB: XTGRF) announced a non-brokered private placement to raise gross proceeds of $1.5 million through the sale of up to 625,000 units at $2.40 per unit.

Each unit consists of one common share and one-half of a common share purchase warrant. Each whole warrant entitles the holder to purchase one additional share at $2.80 per share for two years upon issuance.

The company may pay finders' fees comprised of cash and non-transferable warrants to qualified arm's length finders. Each finder's warrant will entitle the holder to purchase one additional share at $2.50 per share for two years upon issuance.

Proceeds from the private placement will be used for general working capital purposes, according to the press release statement.

Closing of the private placement is subject to Toronto Stock Exchange acceptance and required regulatory approvals. All securities issued will be subject to a regulatory hold period of four months plus one day from the date of issuance.

Xtra-Gold is a gold exploration company with operations in the Kibi Gold Belt in Ghana, West Africa.

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