TORONTO, Feb. 15, 2013 (GLOBE NEWSWIRE) -- Xtra-Gold Resources Corp. ("Xtra-Gold" or the "Company") (TSX:XTG) (OTCBB:XTGRF) is pleased to announce today that the Toronto Stock Exchange ("TSX") has accepted a notice filed by the Company of its intention to renew its prior normal course issuer bid for a further one year period. The Company intends to proceed with a normal course issuer bid to purchase up to 3,957,802 common shares of the Company (the "New Bid").
The Company is commencing the Bid because it believes that the current market price of its common shares may not fully reflect the underlying value of the Company's business and its future business prospects. The Company believes that the purchase of common shares for cancellation is in the best interests of the Company's shareholders by increasing the respective proportionate shareholdings and therefore increasing the respective equity interest in the Company for all remaining shareholders.
As of February 8, 2013, the Company had 46,539,917 common shares issued and outstanding. The 3,957,802 common shares that may be purchased by the Company under the New Bid represent approximately 10% of the public float of the Company. The New Bid will commence on February 15, 2013 and will terminate on February 14, 2014 or at such earlier date in the event that the number of shares sought in the New Bid has been repurchased. The Company reserves the right to terminate the New Bid earlier if it feels that it is appropriate to do so.All shares will be purchased on the open market through the facilities of the TSX, and payment for the common shares will be in accordance with TSX policies. The price paid for the common shares will be the market price at the time of purchase. Purchasing may be suspended at any time, and no purchases will be made other than by means of open market transactions during the term of the Bid.