News was on SEDARForm 51–102F3
Material Change Report
Section 7.1 of National Instrument 51-102
Continuous Disclosure Obligations
Item 1 Name and Address of Company
Galena Capital Corp.
Suite 880 - 609 Granville Street
PO Box 10321
Vancouver BC V7Y 1G5
Item 2 Dates of Material Change
July 4, 2011.
Item 3 News Release
The Company filed a news release on July 4, 2011 with the TSX Venture Exchange and the British Columbia and Alberta Securities Commission on SEDAR. The Company disseminated the news release through Canada Stockwatch and Market Newswire on July 4, 2011.
Item 4 Summary of Material Change
Galena Capital Corp. (TSX-V: FYI) (“Galena” or the “Company”) passes on Bitumen
Opportunity.
Item 5 Full Description of Material Change
See attached news release.
Item 6 Reliance on subsection 7.1(2) or (3) of National Instrument 51–102
Not Applicable.
Item 7 Omitted Information
Not Applicable.
Item 8 Executive Officer
Michael Leahy, Vice-President of Communications
Tel. No. (604) 683-7588.
Item 9 Date of Report
July 4, 2011.
FOR IMMEDIATE RELEASE TSX.V:FYI
Galena Passes on Bitumen Opportunity
Vancouver, BC, July 4, 2011 – Galena Capital Corp. (TSXV:FYI) (the “Company” or “Galena”), a TSX Venture Exchange listed company, has decided to suspend the proposed joint venture with Imperial Petroleum Inc.Galena management feels that Imperial’s innovative bitumen technology is not sufficiently proven at this time to justify investment by the Company. Galena believes that it is best for the company and the shareholders to defer a commitment until the technology meets certain expectations.
The clarifications provided by Imperial regarding Galena’s concerns about the demonstration test made it clear to Galena management that any commitments made by the company must be postponed until the process becomes more established. “We feel our investors need clarity on this opportunity so the decision today is not to continue down this road as there remains to be more questions than answers” states VP of Communications, Michael Leahy”.
On Behalf of the Board of Directors of Galena Capital Corp.
“Michael Leahy”
Michael Leahy
VP of Communications
Galena Capital Corp.
Tel: (604) 683 – 7588
Fax: (604) 683 – 7589
info@galenacorp.com
www.galenacorp.com