Birch Lake Capital Inc. and Canadian Rigger Energy Inc. Announce Letter Agreement for Business Combination

Birch Lake Capital Inc. (TSX VENTURE:BLA.P) and Canadian Rigger Energy Inc. reported that they have entered into a letter agreement dated June 14, 2010, whereby the Corporation has agreed to acquire all of the currently issued and outstanding securities, including common shares of Canadian Rigger via the issuance of approximately 12,192,525 common shares and 496,200 share purchase warrants exercisable into common shares in the capital of the Corporation (the “Birch Lake Shares”), which will be issued on the basis of point six six one nine five three seven (0.6619537) Birch Lake Share for every one (1) Canadian Rigger Share.

The press release is quoted as saying:

The Birch Lake warrants to be issued to the holders of Canadian Rigger warrants, shall be on substantially the same terms as the Canadian Rigger warrants, except that the exercise price and number of Birch Lake Shares that may be purchased shall be adjusted in accordance with the terms of the Canadian Rigger warrants.

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