Press Release, BacTech Environmental Announces Private Placement
Toronto, Canada - BacTech Environmental Corporation (“BacTech” or the “Company”),(CSE:BAC, OTC-BCCEF) today announced it has arranged a non-brokered private placement financing of up to 5,000,000 common shares at $0.03 per share for gross proceeds of $150,000. The closing of the offering is expected to occur on or before January 31, 2021 and is subject to the completion of documentation including receipt of regulatory approvals. All common shares issued pursuant to the offering will be subject to a statutory hold period of four months from the closing date of the financing. Certain Directors have expressed an interest to participate in the financing.
Concurrent Reg A Financing
Concurrently, the Company’s previously announced Regulation A financing, offered to U.S. investors, continues to be available. On July 15, 2020 the Company announced that it received the qualification of its offering statement by the SEC. Under this Reg A offering, BacTech’s offering statement confirmed the Company’s intention to raise up to US$1M to finance the bioleach test work, prefeasibility and feasibility studies and detailed engineering for its Ecuadorian environmental project. It is anticipated that the Company will draw down tranches on an “as needed basis” matching capital raises to project expenditures.
On September 17, 2020 the Company announced the closing of the first tranche of this Regulation A financing in the United States with the issuance of 3,333,333 shares at US$0.015 for gross proceeds of US$50,000. There were no finder’s fees paid on the transaction.
In summary, BacTech is investigating the prospects of a build/own/operate bioleach facility to be based in Ponce Enriquez, Ecuador. The selection of Ponce Enriquez is driven by the extremely high levels of arsenic that is associated with gold in the +90 small mines in the area which attract high penalties in smelting . Presently, the miners are forced to sell their production at reduced prices to Asian buyers due to the high arsenic values in the concentrates and accept lower financial returns. BacTech proposes to pay better prices for the miners’ material, by eliminating penalties for arsenic, and process higher grade gold to reduce overall refining costs. This concept can be repeated in areas of Peru, Colombia and Central America where arsenic is known to exist alongside gold mining.
ABOUT BACTECH
BacTech is promoting the use of its proprietary bioleach processing technology to treat historic arsenopyrite concentrates and tailings produced in the Ponce Enriquez area of Southern Ecuador. The Company is also awaiting the reduction in government imposed Covid restrictions in Colombia where BacTech will investigate a gold/platinum tailings project.
For further information contact:
Ross Orr, President & CEO, BacTech Environmental Corporation
Work: 416-813-0303 ext. 222, Cell 416-346-5529
Email: borr@bactechgreen.com
Website: www.bactechgreen.com
Special Note Regarding Forward-Looking Statements
This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to future tailings sites, sampling or other investigations of tailing sites, the Company’s ability to make use of infrastructure around tailings sites or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified using words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether because of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Shares outstanding: 116,914,667
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the shares, nor is it a solicitation of interest from a prospective investor.