ROUYN-NORANDA, QC, May 8 /CNW Telbec/ - X-Terra Resources Corporation
(XT-TSXV) has released its audited financial results for the fiscal year ended
December 31, 2008. As at December 31, 2008, X-Terra had cash and cash
equivalents of $4.3 million compared to $472,000 at December 31, 2007.
Short-term investments totalled $851,716 at December 31, 2008, compared to nil
at December 31, 2007. During 2008, X-Terra generated net income of $153,000,
compared to a net loss of $291,000 in 2007. The net income was primarily due
to the sale of shale gas licences.
Completion of normal course issuer bid
X-Terra announces the cancellation of an aggregate of 120,500 of its
common shares, which the company purchased during April 2009 pursuant to its
normal course issuer bid. The shares were purchased at an average price of
In the same vein, X-Terra announces the completion of its normal course
issuer bid through the facilities of the TSX Venture Exchange. Under the bid,
X-Terra repurchased for cancellation 612,000 shares out of the permitted
maximum of 612,250 common shares over an eight-month period, representing
approximately 5% of the "public float" of X-Terra's shares at the commencement
of the normal course issuer bid. The 612,000 shares were repurchased by
X-Terra at an average price of $0.34.
About X-Terra Resources
X-Terra is a resource company focused on acquiring and exploring energy
properties in Canada. X-Terra Resources has 11,783,069 shares outstanding, a
cash position of $4.0 million and an investment of 2,000,000 shares of
Brownstone Ventures Inc. which represents as of today $0.44 per share.
This news release contains certain forward-looking statements. These
forward-looking statements are subject to a variety of risks and uncertainties
beyond the ability of X-Terra to control or predict, which could cause actual
events or results to differ materially from those anticipated in such
forward-looking statements, including risks disclosed in filings with the
Canadian securities regulators made by X-Terra. Accordingly, readers should
not place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Martin Dallaire, President and CEO, (819)
762-0609, Fax: (819) 762-0097, email@example.com;