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Xtra-Gold Resources to raise C$1M for exploration, general working capital

Xtra-Gold ResourcesCorp. said May 2 that it plans to undertake a nonbrokered private placementof up to 2.5 million units at 40 Canadian cents apiece and raise as much as C$1million.

Each unit consists of one common share and 0.5 of a share purchasewarrant. A whole warrant will entitle its holder to purchase one common Xtra-Goldshare at 65 cents for a 15-month period from closing.

The financing remains subject to regulatory approval. Proceedsare earmarked for continued exploration at the company's properties and for generalworking capital.