ROUYN-NORANDA, QC, July 13, 2012 /CNW Telbec/ - X-Terra Resources Corporation (TSXV: XT) is pleased to announce the results of its annual and special meeting of
shareholders held on June 29, 2012 in Rouyn-Noranda, Québec. At the
meeting, shareholders elected Martin Dallaire, Sylvain Champagne,
Sébastien Plouffe, Xin Zhao, Gerry Feldman (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 has also granted stock options in respect
of 50,000 common shares to X-Terra's one director. The options were
granted pursuant to X-Terra's amended stock option plan. The exercise
price of the options is $0.25, which is higher than the closing price
of X-Terra's common shares on the TSX Venture Exchange on Thursday,
July 12, 2012. The options expire on July 13, 2022.
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 $2.6 million and an investment of
2,000,000 shares of Brownstone Energy Inc. which represents, in total,
$0.26 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
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:
Martin Dallaire, President and Chief Executive Officer
Telephone: 819-762-0609, Fax: 819-762-0097