X-Terra announces results of its annual and special meeting of shareholders
12 July 2012 - 2:15AM
PR Newswire (Canada)
ROUYN-NORANDA, QC, July 13, 2012 /CNW Telbec/ - X-Terra Resources
Corporation 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. 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. X-TERRA RESOURCES CORPORATION CONTACT: Martin
Dallaire, President and Chief Executive OfficerTelephone:
819-762-0609, Fax: 819-762-0097Email:
info@xterraresources.comWebsite: www.xterraresources.com
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