BacTech Mining Corporation
TSX VENTURE : BM

BacTech Mining Corporation

October 16, 2009 15:00 ET

BacTech Closes Final Tranche of Private Placement

TORONTO, CANADA--(Marketwire - Oct. 16, 2009) - BacTech Mining Corporation ("BacTech" or the "Company")(TSX VENTURE:BM) today announced that it has closed the third and final tranche of its non-brokered private placement announced September 10, 2009, for total gross proceeds from this tranche of $25,000.

All securities issued for the third tranche of the offering, and the underlying securities, are subject to a four-month hold period that expires February 16, 2010, with the one-year warrants expiring October 15, 2010.

In total, BacTech issued 5,282,500 million units at $0.08 for gross proceeds of $422,600. Each unit consists 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.

In connection with the offering, BacTech will pay to an arm's length party a finder's fee in the amount of $960.00. BacTech will also issue 440,000 finder's warrants to an arm's length party who assisted in the financing. The finder's warrants, exercisable at a price of $0.08, have a one-year term expiring October 15, 2010, and are subject to a four-month hold period that expires February 16, 2010. Two insiders participated in the private placement: Ross Orr, President & CEO, purchased 312,500 units, and a Director, Walter Cimowsky, purchased 100,000 units.

Completion of the private placement is subject to final approval by the TSX Venture Exchange.

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 89,264,706

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
    President & CEO
    416-813-0303 ext 222
    www.bactech.com