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Birch Mountain Resources Ltd - News Release
Birch Mountain arranges scaled down financing
Birch Mountain Resources Ltd BMD
Shares issued 33,647,122 Apr 22 2002 close $.320
Monday Apr 22 2002 News Release
Mr. Douglas Rowe reports
Birch Mountain Resources has elected not to close the private placement financing reported in Stockwatch on Jan. 9, 2002. Instead, Birch Mountain intends to raise up to $525,000 as a first step in a multistaged financing to advance the company's natural nanoparticle research and precious metal assay verification programs, together with continuing corporate activities. The company intends to issue 1.5 million units priced at 35 cents per unit, each unit consisting of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase an additional common share for $1.00 for a period of six months from closing.
The company also announced that its board of directors has approved and it has received the conditional approval of the Canadian Venture Exchange for a new stock option plan pursuant to the new CDNX policies on stock option plans adopted in November, 1999. The total number of shares issuable upon the exercise of all options granted under the plan shall not exceed 3,392,674 common shares. This is in addition to the 3,313,750 stock options currently issued and outstanding pursuant to the terms of the existing stock option plan. Adoption of the plan is subject to final approval of the shareholders and the CDNX.
Mineral technology division
Birch Mountain has been advised by its U.S. patent counsel that the patent examiner has indicated allowability for a portion of the original claims, which cover part of the originally claimed subject matter. Birch Mountain has, upon advice from its U.S. patent counsel, decided to limit the original application to those allowable claims and to place the application in condition for allowance and permit the patent to be issued. The remaining claims will be pursued in a continuation application. The divisional application previously filed to cover the product claims is pending and Birch Mountain is awaiting action by the U.S. Patent Office on that divisional application. The international PCT application, corresponding to the original U.S. patent application is currently pending and under preliminary examination by the PCT examining authority.
Mineral exploration division
Birch Mountain has filed its 2002 exploration assessment report with Alberta Department of Energy in the amount of $5.15-million for work conducted from April, 2000, to March 31, 2002, on its Athabasca and Birch Mountain exploration properties. The assessment expenditures have been applied to 55 metallic and industrial minerals permits covering 360,675 hectares. The expenditures included in the 2002 assessment report are sufficient to retain Birch Mountain's priority permits for the next two years or until the expiry of their 10-year term, whichever is earlier. Additional assessment-eligible work has been completed and will be available for future assessment reports. All permits in the Birch Mountain exploration property have been retained, in accordance with the option agreement with Shear Minerals Inc. and Marum Resources Ltd. The Athabasca exploration property has been reduced by 348,800 hectares in order to retain lands considered to be most prospective for precious metals. Birch Mountain maintains its core exploration land in Athabasca comprising 48,785 hectares (120,548 acres) held under metallic and industrial mineral leases and 360,675 hectares (891,228 acres) held under metallic and industrial mineral permits.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
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