MONTREAL, July 4 /CNW Telbec/ - Bitumen Capital Inc. ("the Corporation") today announced that the Board of Directors has resolved to issue 1,349,999 stock options at an exercise price of $0.25 per share. These options are being issued in lieu of options that were originally to be granted at a price of $0.10 per common share, the whole, in accordance with the disclosure in the Corporations prospectus dated February 19, 2007. The options presently being granted are to officers and directors of the Corporation and will be exercisable for a period of 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.
The new exercise price and expiry date has been determined in conformity with the stock option plan adopted on November 27, 2006 by the Directors of the Corporation.
About Bitumen Capital Inc.
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Bitumen Capital is a Capital Pool Company listed on the TSX Venture Exchange under the symbol BTM.P and its financial statements are filed on the SEDAR web site at www.sedar.com.
The principle business of the Corporation 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.
%SEDAR: 00024598E