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 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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