Birch Lake Energy Inc. Announces Grant of Stock Options
Feb 10, 2012, 19:15 ET
CALGARY, Feb. 10, 2012 /CNW/ - Birch Lake Energy Inc. ("Birch Lake" or the "Corporation) (TSXV: BLK) announced today that, subject to regulatory approval, it has granted a total of 1,450,000 options to purchase common shares of Birch Lake to the directors, officers, consultants and employees of Birch Lake, in accordance with the Corporation's stock option plan. These options expire five years from the date of grant and have an exercise price of $0.16 per share. Out of these options, 450,000 options were granted to a directors and officer of the Corporation. Birch Lake has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 are available for the issuance of the options to the directors and officers of the Corporation (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization).
About Birch Lake Energy Inc.
Birch Lake is a junior oil and gas company engaged in the exploration for and the acquisition, development and production of oil and natural gas reserves. The Corporation's common shares are listed to trade on the TSX Venture Exchange under the symbol "BLK".
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
William H. Petrie
President and Chief Executive Officer
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