Both resolutions were passed with 99.95% of the shares voting in favour. As a result, X-Terra has been authorized to proceed with the Spin-Out and Reverse Take-Over, as outlined in X-Terra's management information circular dated April 28, 2014.
At the meeting, X-Terra's shareholders also re-elected Martin Dallaire, Sylvain Champagne, Sheldon Inwentash, SÉbastien Plouffe, Dr. Xin Zhao and Gerry Feldman as directors of X-Terra. Following the meeting, X-Terra's Board of Directors re-appointed
X-Terra's shareholders also approved resolutions re-appointing PricewaterhouseCoopers LLP, a partnership of Chartered Professional Accountants, as the auditor of X-Terra, ratifying and confirming the
Completion of the Spin-Out and Reverse Take-Over is subject to a number of conditions, including regulatory approval and financing. It is expected that the closing of the Spin-Out, Reverse Take-Over and concurrent financings of
X-Terra is a resource company focused on acquiring and exploring energy properties in
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. No assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that X-Terra will derive therefrom. In particular, no assurance can be given as to whether the proposed Spin-Out and Reverse Take-Over described in this news release will be completed as proposed or at all. Accordingly, readers should not place undue reliance on forward-looking statements.
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