X-Terra Resources Grants Stock Options
X-Terra Resources Inc. announced that its Board of Directors granted stock options in respect of an aggregate of 700,000 common shares to the Corporation' Directors and Officers. The exercise price of the options is $1.00 per share, which is higher to the closing price of the Corporation's common shares on the TSX Venture Exchange on Tuesday March 8, 2023.
The options vest immediately and will expire in ten years. The options were granted under the Corporation's 2022 omnibus equity incentive plan.
X-Terra Resources is a resource company focused on acquiring and exploring lithium and precious metals properties in Canada. In November, 2022, X-Terra completed a survey at their Liberty and Galli Lithium Properties in the James Bay Region of Quebec.
The survey of the two sites identified and highlighted the environment of the properties. The team completed some reconnaissance via helicopter at low altitude following a predetermined flight plan to systematically cover both the Galli and Liberty properties. In addition, where conditions allowed, some geological features were observed.
The teams focused primarily on the Liberty property given its on-strike and proximity to the Winsome Resources Adina project, which is currently undergoing a diamond drill program.
Sporadic field verifications were completed that followed the continuity of the Adina structural corridor which extends onto the Liberty property. Importantly, one outcrop observed hosted local granite bearing pegmatite with a biotite and muscovite assemblage.
X-Terra will be immediately moving forward with a follow up program comprising of helicopter-borne magnetic survey in addition to a lidar survey. This next step will serve to define the limits of the favorable granitic and pegmatite corridor.
For further information: X-Terra Resources Inc., Michael Ferreira, President and Chief Executive Officer, 147 Québec Avenue (back door), Rouyn-Noranda, Québec, J9X 6M8, E-mail: info@xterraresources.com Website: www.xterraresources.com
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