X-Terra announces results of its annual and special meeting of shareholders

    




 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: [phone]Email: [e-mail]: www.xterraresources.com 


    

Copyright