ROUYN-NORANDA, QC, Sept. 9 /CNW Telbec/ - X-Terra Resources Corporation (XT-TSXV) announces that the TSX Venture Exchange has conditionally approved its previously-announced normal course issuer bid. Under the normal course issuer bid, X-Terra will be entitled to repurchase for cancellation a maximum of 612,250 common shares over the twelve-month period starting on September 15, 2008 and ending on September 14, 2009, representing approximately 5% of X-Terra's 12,245,069 issued and outstanding shares.
The normal course issuer bid has been instituted in that X-Terra considers that the repurchase of common shares at certain market prices will be beneficial to X-Terra. The purchases will be made through the facilities of the TSX Venture Exchange at the market price of the common shares at the time of purchase. X-Terra has appointed Desjardins Securities Inc. to make the purchases on its behalf.
About X-Terra Resources:
X-Terra is a resource company focused on acquiring and exploring energy properties in Canada. X-Terra Resources has 12,245,069 shares outstanding.
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.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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