Olive Resource Capital Inc. press release
X-Terra announces results of its annual and special meeting of shareholders
TSXV - TSX Venture Exchange · Canada
Jul. 28, 2011 (Canada NewsWire Group) --
ROUYN-NORANDA, QC, July 28, 2011 /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 27, 2011 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 has amended its Stock Option Plan so as to extend the maximum period during which an option is exercisable to ten years from the date the option is granted, as well as certain housekeeping amendments to ensure that the plan is consistent with TSX Venture Exchange Policy 4.4 and the withholding and remittance requirements set out in the _Income Tax Act_(Canada). The foregoing amendments are subject to the final 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 million and an investment of 2,000,000 shares of Brownstone Ventures Inc. which represents, in total, $0.37 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._
Martin Dallaire, President and Chief Executive Officer Telephone: 819-762-0609, Fax: 819-762-0097 Email:info@xterraresources.com Website:www.xterraresources.com