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X-Terra announced 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 of X-Terra.
X-Terra's Board of Directors has also granted stock options in respect of 50,000 common shares to X-Terra's new director, Dr. Michael Byron. Dr. Byron was Vice-President, Exploration of Aurora Platinum Corp. until its acquisition by FNX Mining in 2005. As the initial Vice-President, Exploration of Lake Shore Gold he directed expansion of their exploration projects in the Timmins Gold Camp and oversaw the growth of the Timmins West deposit to more than 1.2 million ounces of gold. Dr. Byron was one of five co-founders and directors of Falco Resources Ltd, and served as Vice-President, Exploration from its inception in 2010 until his resignation in May 2015. Dr. Byron is attributed with the rediscovery of the Horne 5 deposit -Falco's premier asset.
Martin Dallaire, President and Chief Executive Officer of X-Terra said: "We are delighted that Dr. Michael Byron has agreed to join our Board of Directors. We know that X-Terra will benefit from Dr. Byron's extensive business experience and acumen." The Board of Directors wishes to thank Mr. Gerry Feldman, who decided not to seek re-election as a director of X-Terra at the shareholders' meeting, for his valuable contribution in serving as a director, and wishes him well in his future endeavours.
The options were granted pursuant to X-Terra's stock option plan. The exercise price of the options is $0.11, which is higher than the closing price of X-Terra's common shares on the TSX Venture Exchange on Tuesday, July 14, 2015. The options expire on July 15, 2025 and vested immediately.
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