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X-Terra Resources earns $153,000 in 2008, completes normal course issuer bid
ROUYN-NORANDA, QC, May 8 /CNW Telbec/ - X-Terra Resources Corporation (XT-TSXV) has released its ...
About this update from Olive Resource Capital Inc.
[{"type":"text","content":"\n\n\n\nROUYN-NORANDA, QC, May 8 /CNW Telbec/ - X-Terra Resources Corporation\n(XT-TSXV) has released its audited financial results for the fiscal year ended\nDecember 31, 2008. As at December 31, 2008, X-Terra had cash and cash\nequivalents of $4.3 million compared to $472,000 at December 31, 2007.\nShort-term investments totalled $851,716 at December 31, 2008, compared to nil\nat December 31, 2007. During 2008, X-Terra generated net income of $153,000,\ncompared to a net loss of $291,000 in 2007. The net income was primarily due\nto the sale of shale gas licences.\n\n\nCompletion of normal course issuer bid\n\n\nX-Terra announces the cancellation of an aggregate of 120,500 of its\ncommon shares, which the company purchased during April 2009 pursuant to its\nnormal course issuer bid. The shares were purchased at an average price of\n$0.38.\n\n\nIn the same vein, X-Terra announces the completion of its normal course\nissuer bid through the facilities of the TSX Venture Exchange. Under the bid,\nX-Terra repurchased for cancellation 612,000 shares out of the permitted\nmaximum of 612,250 common shares over an eight-month period, representing\napproximately 5% of the "public float" of X-Terra's shares at the commencement\nof the normal course issuer bid. The 612,000 shares were repurchased by\nX-Terra at an average price of $0.34.\n\n\nAbout X-Terra Resources\n\n\nX-Terra is a resource company focused on acquiring and exploring energy\nproperties in Canada. X-Terra Resources has 11,783,069 shares outstanding, a\ncash position of $4.0 million and an investment of 2,000,000 shares of\nBrownstone Ventures Inc. which represents as of today $0.44 per share.\n\n\nForward-looking Statements\n\n\nThis news release contains certain forward-looking statements. These\nforward-looking statements are subject to a variety of risks and uncertainties\nbeyond the ability of X-Terra to control or predict, which could cause actual\nevents or results to differ materially from those anticipated in such\nforward-looking statements, including risks disclosed in filings with the\nCanadian securities regulators made by X-Terra. Accordingly, readers should\nnot place undue reliance on forward-looking statements.\n\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as\n\n\nthat term is defined in the policies of the TSX Venture E...