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 $0.38.
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.
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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