XCana Petroleum Corp., Announces Purchase of Service Agreement with Red Beryl Mining Company, Inc.

Rhea-AI Summary

XCana Petroleum Corp. (OTC Markets: XCPT) has entered a definitive agreement with Red Beryl Mining Company and accredited investors to acquire a 2000-acre mining property in the U.S., targeting a nickel deposit. This acquisition aims for 100% ownership, with specifics withheld until ownership is secured. The International Energy Agency projects a significant nickel demand increase by 2030, especially for electric vehicle batteries. The deal involves 25,000,000 restricted common shares with no cash payment.

Positive

• Acquisition of a 2000-acre mining property targeting a nickel deposit.
• Addresses anticipated significant nickel demand surge by 2030 for electric vehicles.

Negative

• Dependence on the successful acquisition process and securing mineral rights.
• Potential dilution of shares due to the issuance of 25,000,000 restricted common shares.

CHICAGO, IL / ACCESSWIRE / September 6, 2022 / XCana Petroleum Corp. (OTC Markets:XCPT) announced today that it has entered into a definitive agreement with Red Beryl Mining Company, Inc. and accredited investors to procure a 2000 acre mining property. The goal will be to obtain 100% ownership of a well documented Nickel Deposit within the United States. The state, county, & exact deposit for this target have already been pinpointed by the Red Beryl Mining team for filing & staking. The location & details of this target will remain confidential until we can ensure ownership is secured under the XCana Petroleum Corp name.

The Need for Nickel:

In a recent IEA (International Energy Agency) report they stated "Global battery and minerals supply chains need to expand ten-fold to meet projected critical minerals needs by 2030. The report concludes the industry needs to build 50 more lithium mines, 60 more nickel mines and 17 more cobalt mines by 2030 to meet global net carbon emissions goals. By 2030, nickel is facing the largest absolute demand increase as high-nickel chemistries are the current dominant cathode for EVs and are expected to remain so."

Mac J. Shahsavar, P. Eng. Chairman of the Company is quoted in saying, "with this agreement we have completed a trifecta of critical battery metal exploring companies. BrightRock Gold Corp, Xtra Energy Corp, and XCana Petroleum Corp are here to meet this historic demand. Batteries will power the future, and they will need minerals like Lithium, Antimony, and Nickel to make it possible."

The consideration for this agreement is 25,000,000 restricted common shares and no cash consideration to be paid to the parties being Red Beryl Mining Company, Inc. & Accredited Investors.

References:

https://www.mining.com/hundreds-of-new-mines-required-to-meet-2030-battery-metals-demand-iea-report/

Contact & Learn More:

XCana Petroleum Corporation
+1 312-635-5432
xcanapetro@gmail.com

Corporate Website: xcanacorp.com

Corporate Linkedin: https://www.linkedin.com/company/xcana-corp/

Corporate Twitter: https://twitter.com/XcanaCorp

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/XCPT/disclosure

SOURCE: XCANA PETROLEUM CORP

View source version on accesswire.com:
https://www.accesswire.com/714775/XCana-Petroleum-Corp-Announces-Purchase-of-Service-Agreement-with-Red-Beryl-Mining-Company-Inc

FAQ

What agreement did XCana Petroleum Corp. announce on September 6, 2022?

XCana Petroleum Corp. announced a definitive agreement to acquire a 2000-acre mining property for a nickel deposit.

Why is nickel important according to the IEA report?

Nickel is crucial for electric vehicle batteries, with demand expected to increase significantly by 2030.

How many shares will XCana issue for the nickel property acquisition?

XCana will issue 25,000,000 restricted common shares for the acquisition.

What is the stock symbol for XCana Petroleum Corp.?

The stock symbol for XCana Petroleum Corp. is XCPT.