TORONTO, CANADA--(Marketwired - Aug. 15, 2016) - BacTech Environmental Corporation ("BacTech" or the "Company"), (CSE:BAC)(OTC PINK:BCCEF)(WKN:A1H4TY), today announced that it has completed an additional closing for the CAD$500,000 private placement announced on May 31, 2016.
BacTech will continue to announce closings as they occur. The current tranche was for $308,000 and resulted in the issuance of 7,700,000 common shares and 7,700,000 warrants. The warrants are exercisable at $0.10 for 2 years from closing. This brings the total amount raised for the $500,000 private placement to $369,000.
With the proceeds raised to date, the Company will initiate the drill program at the Telamayu tailings project in Bolivia to provide fresh material for assays of gold, silver, copper, tin and rare earths, as well as metallurgical studies as outlined in the Company's press release dated July 6, 2016.
BacTech Environmental Corporation holds the perpetual, exclusive, royalty-free rights to use the patented BACOX bioleaching technology for the reclamation of tailings and mining waste materials. The Company's principle focus is a high-grade silver/copper tailings project called Telamayu, located in Atocha, Bolivia, in association with COMIBOL, the state mining group. The Company signed an MOU with Duran Ventures Inc. to explore the viability of building a BACOX plant in Peru to treat high-grade gold/arsenic ores. Investigation has begun to identify similar opportunities in Ecuador. The Company continues to field enquiries globally with respect to additional opportunities for remediation, including licensing transactions for the technology.
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Shares outstanding 51,618,944
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.