ROUYN-NORANDA, QC, May 19 /CNW Telbec/ - X-Terra Resources Corporation (XT-TSXV) announces that it has applied to the TSX Venture Exchange for a one-year extension of the term of 650,000 common share purchase warrants that were issued by X-Terra as part of a private placement in May 2007. Each warrant currently entitles its holder to purchase one additional common share of X-Terra at an exercise price of $0.70 until May 28, 2009.
Subject to the approval of the TSX Venture Exchange, the term of the warrants will be extended to May 28, 2010, for a total term of three years. X-Terra issued a total of 1,000,000 warrants in the May 2007 private placement, of which 350,000 warrants have to date been exercised.
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 millions and an investment of 2,000,000 shares of Brownstone Ventures Inc. which represents as of today $0.44 per share.
Forward-looking Statements
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.
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