GUELPH, ON, May 11 /CNW/ - BIOREM Inc. (TSXV:BRM) announces that
shareholders have approved amendments to its option plan to change the plan
from a 10% "rolling plan" to a fixed plan with a total of 1,796,745 common
shares reserved for options grants. Given previous options grants the
amendment to the plan increases common shares available for new option grants
by approximately 600,000 shares. In addition, shareholders have approved
modifications to the limits on granting of options to directors and officers.
Grants to officers as a group are no longer subject to a 10% of outstanding
shares limit, but grants to non-officer directors have been restricted to less
than 3% of outstanding shares. The amendments to the option plan are subject
to acceptance by the TSX Venture Exchange.
In addition, Biorem Inc. announces that it has granted options to
purchase a total of 52,000 common shares to its non-officer directors in
accordance with its stock option plan which was recently amended by the
shareholders. The options were granted at an exercise price of $0.33 per share
and have an expiry date of ten years ending May 5, 2019.
About BIOREM Inc.
BIOREM manufactures Biosorbens(R) biofilter media and is a leading
supplier of biofilters and biotrickling for air pollution control in municipal
and industrial applications, including BIOCUBE(R) modular units and Mytilus(R)
biotrickling filters. With over 600 installed systems and over a decade of
experience, the Company's products are the technology of choice for odor
control at wastewater treatment plants across North America. Additional
information on BIOREM is also available at our web site at www.biorem.biz.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. The TSX
Venture Exchange Inc. has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved of the
contents of this release.
For further information:
For further information: Ed Corbett, Chief Financial Officer, BIOREM
Technologies Inc., email@example.com, Tel: (519) 767-9100 x275