BacTech Mining Corporation
TSX VENTURE : BM

BacTech Mining Corporation

September 10, 2009 13:40 ET

BacTech Announces Private Placement

TORONTO, CANADA--(Marketwire - Sept. 10, 2009) - BacTech Mining Corporation ("BacTech" or the "Company")(TSX VENTURE:BM) announced today that it intends to raise $520,000 in a private placement of common share units. To date, the Company has received commitments in the amount of $375,000.

BacTech will issue 6.5 million units at $0.08 for gross proceeds of $520,000. Each unit will consist of one common share and one half of a common share purchase warrant. A full warrant entitles the holder to purchase one common share at $0.12 for a period of one year from the date of closing. The common shares and warrants will be subject to a 4 month hold period. Completion of the private placement is subject to approval by the TSX Venture Exchange ("TSX-V").

In connection with the private placement, and subject to approval by the TSX-V, a finder's fee of 8% may be paid to arm's length parties.

The proceeds will be used to advance metallurgical test work on the bioleaching facility the Company proposes to build in Coleman Township in northern Ontario, and for general working capital.

BACTECH PROFILE

BacTech owns patented bacterial oxidation technology for the treatment of refractory ores and concentrates to enhance the recovery of gold, silver and base metals. The Company's focus is the acquisition of equity positions in projects amenable to bioleaching. In September 2008, BacTech signed an MOU to investigate the use of bioleaching to reprocess arsenic-laden tailings in Cobalt, Ontario. This is the Company's first foray into the cleantech industry. BacTech is continuing to evaluate additional remediation projects.

Shares outstanding 83,982,206

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • BacTech Mining Corporation
    Ross Orr
    416-813-0303 ext 222