VANCOUVER, July 30 /CNW/ -
TSX VENTURE COMPANIES: BIRCH LAKE CAPITAL INC. ("BLA") (formerly Birch Lake Capital Inc. ("BLA.P")) BULLETIN TYPE: Reinstated for Trading, Qualifying Transaction- Completed/New Symbol BULLETIN DATE: July 30, 2010 TSX Venture Tier 2 Company Reinstated for Trading: Further to TSX Venture Exchange Bulletin dated April 27, 2010, the Company has now completed its Qualifying Transaction. Effective at the opening, Wednesday, August 4, 2010, trading will be reinstated in the securities of the Company (CUSIP 090685 10 8). TSX Venture Exchange has accepted for filing the Company's Qualifying Transaction described in its Filing Statement dated July 26, 2010. As a result, at the opening on Wednesday, August 4, 2010, the Company will no longer be considered a Capital Pool Company. The Qualifying Transaction includes the following: Qualifying Transaction-Completed: The Qualifying Transaction involves the arm's length amalgamation (the "Amalgamation") of 0885186 B.C. Ltd. ("AcquisitionCo"), a wholly-owned subsidiary of the Company, and Canadian Rigger Energy Inc. ("Canadian Rigger"), a private British Columbia oil and gas company, pursuant to an amalgamation agreement dated July 26, 2010. Pursuant to the Amalgamation, AcquisitionCo and Canadian Rigger amalgamated to form a new amalgamated entity ("Amalco"). Post-Amalgamation, Amalco will be a wholly-owned subsidiary of the Company. The Amalgamation results in a reverse take over of Birch Lake by Canadian Rigger. Consideration consists of the issuance of 12,192,525 Birch Lake shares to Canadian Rigger shareholders at a deemed price of $0.1875 per share for total consideration of $2,286,098. Of the 12,192,525 shares, a total of 3,567,258 shares are subject to a Tier 2 Value Security Escrow Agreement dated July 29, 2010 to be released over a 36-month period upon completion of the Qualifying Transaction. A total of 64,607 warrants are also subject to the same escrow requirements as the Tier 2 Value Security Escrow Agreement. For further information, please refer to the Company's Filing Statement dated July 26, 2010 which is available on SEDAR. Insider/Pro Group Participation: Insider equals Y/ Name ProGroup equals P No. of Shares David Stadnyk Y 595,758 George Tsafalas Y 496,465 Capitalization: Unlimited shares with no par value of which 18,957,525 shares are issued and outstanding Escrow: 6,567,258 shares Transfer Agent: Computershare Trust Company of Canada Trading Symbol: BLA (same symbol as CPC but with .P removed) Effective at the opening, Wednesday, August 4, 2010, the trading symbol for the Company will change from BLA.P to BLA. The Company is classified as an "Oil and Gas" company. Company Contact: William H. Petrie President & Chief Executive Officer Company Address: P.O. Box 1359 Cochrane, AB T4C 1B3 Company Phone Number: (403) 850-2064 Company Fax Number: (403) 932-9974 Company E-mail Address: [email protected] TSX-X ---------------------------------
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