Ecopetrol ADR Representing 20 Ord Shs V.EC

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[Sell-]

Ecometals lower exercise price of options to 10 cents

2009-02-06 19:19 ET - News Release

Mr. Mark Kesselman reports

ECOMETALS AMENDS THE PRICE OF PREVIOUSLY GRANTED STOCK OPTIONS

Ecometals Ltd.'s previously granted stock options to acquire a total of 5,869,000 common shares have been amended, subject to the approval of the TSX Venture Exchange, to reduce the exercise price of such options to 10 cents per common share. All other terms of such previously granted stock options remain unchanged. Stock options granted to insiders of the company accounted for 5,385,000 of the common shares under option. Disinterested shareholder approval was obtained on Dec. 3, 2008, for the amendment of the stock options previously granted to insiders of the company, as described in the management information circular of the company dated Oct. 30, 2008, which can be reviewed on SEDAR.

             TERMS OF SUCH PREVIOUSLY GRANTED OPTIONSNumber of   Original    Amendedoptioned    exercise   exercise      Original dateshares         price      price           of grant        Expiry date214,000         0.20       0.10      March 3, 2006      March 3, 200960,000          0.20       0.10      March 3, 2006      March 3, 200930,000          0.22       0.10     April 12, 2006     April 12, 200964,000          0.65       0.10     Sept. 14, 2006     Sept. 14, 200960,000          0.65       0.10     Sept. 14, 2006     Sept. 14, 200914,000          0.65       0.10     Sept. 14, 2006     Sept. 14, 200912,000          0.65       0.10     Sept. 14, 2006     Sept. 14, 200910,000          0.65       0.10     Sept. 14, 2006     Sept. 14, 200910,000          0.65       0.10     Sept. 14, 2006     Sept. 14, 200910,000          0.65       0.10     Sept. 14, 2006     Sept. 14, 2009178,000         0.70       0.10      Nov. 21, 2006      Nov. 21, 200922,000          0.70       0.10       Dec. 5, 2006       Dec. 5, 2009300,000         0.65       0.10     March 12, 2007     March 12, 201080,000          0.65       0.10     March 12, 2007     March 12, 2010140,000         0.65       0.10       May 25, 2007       May 25, 2010300,000         0.50       0.10      July 28, 2007      July 28, 2010180,000         0.50       0.10      July 28, 2007      July 28, 201060,000          0.50       0.10      July 28, 2007      July 28, 201015,000          0.50       0.10      July 28, 2007      July 28, 2010250,000         0.50       0.10      Aug. 16, 2007      Aug. 16, 201020,000          0.50       0.10      Aug. 16, 2007      Aug. 16, 2010100,000         0.50       0.10       Oct. 5, 2007       Oct. 5, 2010200,000         0.50       0.10       Oct. 5, 2007       Oct. 5, 201060,000          0.50       0.10       Oct. 5, 2007       Oct. 5, 2010250,000         0.50       0.10      Feb. 20, 2008      Feb. 20, 20131,000,000       0.50       0.10      Feb. 20, 2008      Feb. 20, 2013600,000         0.50       0.10      Feb. 20, 2008      Feb. 20, 2013200,000         0.50       0.10      Feb. 20, 2008      Feb. 20, 2013200,000         0.50       0.10      Feb. 20, 2008      Feb. 20, 2013100,000         0.50       0.10      Feb. 20, 2008      Feb. 20, 2013100,000         0.50       0.10      Feb. 20, 2008      Feb. 20, 2013100,000         0.50       0.10      Feb. 20, 2008      Feb. 20, 201360,000          0.50       0.10      Feb. 20, 2008      Feb. 20, 2013150,000         0.50       0.10      Feb. 20, 2008      Feb. 20, 2013120,000         0.50       0.10      April 1, 2008      April 1, 2011600,000         0.50       0.10     April 20, 2008     April 20, 2011