MONTREAL, Oct. 18, 2012 /CNW Telbec/ - Bitumen Capital Inc. (TSXV: BTM.H) today announced that the Board of Directors has resolved to grant stock options by way of a resolution dated October 17, 2012, to purchase up to 1,300,000 common shares of the Corporation to the directors of which one is also an executive officer.
The stock options have been issued pursuant to a Board Meeting held October 17, 2012 and have an exercise price of $0.10 per share and are exercisable up to five (5) years from the date of grant. Any common shares acquired pursuant to the exercise of options prior to the completion of the qualifying transaction will be deposited in and subject to escrow, the whole pursuant to the policies of the TSX Venture Exchange.
This exercise price has been determined in conformity with the stock option plan adopted on November 27, 2006 by the Directors of the Corporation as well as minimum pricing for options as per the TSX Venture Exchange.
About Bitumen Capital Inc.
Bitumen Capital is a Capital Pool Company listed on the TSX Venture Exchange under the symbol BTM.H and its financial statements are filed on the SEDAR web site at www.sedar.com.
The principle business of the Company will be the identification and evaluation of companies, business or assets with a view to completing a Qualifying Transaction. As of the date hereof, no Qualifying Transaction has yet been identified.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: BITUMEN CAPITAL INC.
Mr. Richard Groome
President and Chief Executive Officer
Bitumen Capital Inc.