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CALGARY, Dec. 23 /CNW/ - Whitemud Resources Inc. ("Whitemud" or the "Company") (WMK - TSXV) is pleased to announce that it has granted, effective December 23, 2009, an aggregate of 175,000 stock options to certain officers of the Corporation exercisable at $0.33 per share. The Corporation has also granted an aggregate of 207,500 stock options to employees and consultants of the Corporation exercisable at $0.33 per share. Certain existing employee stock options have been re-priced to $0.33. The issuance of these options to officers and employees reflects the Company's initiatives to reduce costs while retaining key employees. The stock options granted are subject to applicable regulatory requirements or approvals. All stock options granted have a term of 5 years and are subject to vesting restrictions over a period of one year. Whitemud also announces the cancellation of an aggregate of 420,000 stock options previously granted to Messrs. Burl Aycock, CEO and Kelly Babichuk, President. Neither Mr. Aycock nor Mr. Babichuk have been granted any additional stock options.
Whitemud continues to have discussions with a number of companies regarding strategic alliances to develop markets and to participate in the exploitation of Whitemud's metakaolin resources. Growing industry acceptance of Whitemud(MK) continues, demonstrated by the recent inclusion of metakaolin into the Province of Quebec's specifications for precast concrete that resulted from a series of field trials conducted with Whitemud(MK). Trials are planned at two cement plants in early 2010 to pursue blending Whitemud(MK) with cement for broad-based adoption into concrete markets in the northern U.S. and eastern Canada.
Forward Looking Information
This press release may contain forward-looking statements which may include estimates, plans, expectations, opinions, forecasts, projections and guidance or other statements that are not statements of fact, and guidance or other statements that are not statements of fact, including without limiting the generality of the foregoing, statements regarding the anticipated timing for trials at two cement plants. This includes without limiting the generality of the foregoing, statements made with respect to the Corporation's market development, industry acceptance and strategic alliances. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.
SOURCE WHITEMUD RESOURCES INC.
For further information: For further information: Kelly Babichuk, President and Chief Operating Officer at (403) 517-0040