ROUYN-NORANDA, QC, July 2 /CNW Telbec/ - X-Terra Resources Corporation (XT-TSXV) is pleased to announce the results of its annual and special meeting of shareholders held on June 25, 2010 in Rouyn-Noranda, Québec. At the meeting, shareholders elected Martin Dallaire, Sylvain Champagne, Sébastien Plouffe, Xin Zhao, Richard Patricio (Pinetree Capital Ltd) and Sheldon Inwentash (Pinetree Capital Ltd) as members of the Board of Directors of X-Terra. The shareholders also re-appointed PricewaterhouseCoopers LLP, Chartered Accountants, as the auditors of X-Terra. At the meeting, shareholders also approved a resolution ratifying and confirming X-Terra's amended stock option plan.
X-Terra also announces that following the shareholders' meeting, the Board of Directors appointed Martin Dallaire as chairman of the Board of Directors, President and Chief Executive Officer of X-Terra and Sylvain Champagne as Secretary and Chief Financial Officer.
X-Terra's Board of Directors also granted an aggregate of 180,000 stock options to X-Terra's six directors. The exercise price of the options is $0.35 and the options expire on June 30, 2020. The options were granted pursuant to X-Terra's amended stock option plan, which grants remain subject to the approval of the TSX Venture Exchange.
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 $3.2 millions and an investment of 2,000,000 shares of Brownstone Ventures Inc. which represents as of today $0.34 per share.
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.
SOURCE X-Terra Resources Corporation
For further information: For further information: Martin Dallaire, President and Chief Executive Officer, Telephone: 819-762-0609, Fax: 819-762-0097, Email: email@example.com; Website: www.xterraresources.com