Xtra-Gold closes oversubscribed private placement for $2.45 million

Xtra-Gold Resources Corp. (TSX: XTG) (OTCQB: XTGRF) announced the completion of an oversubscribed non-brokered private placement that raised $2,452,000 in gross proceeds through the sale of 1,018,000 units.

The company sold 918,000 units at $2.40 per unit, with each unit consisting of one common share and half of a common share purchase warrant. Each whole warrant allows the purchase of one common share at $2.80 for 24 months. An additional 100,000 units were sold to a company insider at $2.49 per unit, with warrants exercisable at $2.93 for the same period. All warrants are non-transferable.

Xtra-Gold paid $142,812 in cash finder's fees and issued 59,280 non-transferable finder's warrants to a qualified arm's length finder. Each finder's warrant permits the purchase of one share at $2.50 for 24 months.

The proceeds will be used for general working capital purposes. Securities issued under the placement are subject to a statutory hold period and cannot be traded until February 22, 2026, except as permitted by securities legislation and TSX policies.

The insider portion constitutes a related party transaction under Multilateral Instrument 61-101. The company is relying on exemptions from valuation and minority shareholder approval requirements, as the insider's participation does not exceed 25% of the company's market capitalization.

Xtra-Gold is a gold exploration company with operations in Ghana's Kibi Gold Belt.

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