TORONTO, CANADA--(Marketwired - Sept. 28, 2016) - BacTech Environmental Corporation ("BacTech" or the "Company"), (CSE:BAC)(OTC PINK:BCCEF) today announced that it has completed a final closing for the CAD$500,000 private placement announced on May 31, 2016.
The final tranche was for $156,559 and resulted in the issuance of 3,388,986 common shares and 3,388,986, common share purchase warrants. The warrants are exercisable at $0.10 for 2 years from closing. This brings the total dollars raised for the placement to $525,559 or $25,559 oversubscribed.
With the proceeds raised to date the Company will initiate the drill program to provide fresh material for metallurgical studies outlined in the press release dated July 7, 2016.
"We are very pleased to close this financing and get moving in Bolivia. We will be opening an office in La Paz very soon and will be engaging a driller to conduct a 20-meter spaced, drill program at Telamayu as we move towards completing a NI43-101 resource report. It is important to remember that this particular project will not be a bioleach plant but, we assume, will be a gravity and flotation circuit," said Ross Orr, President and CEO of BacTech.
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.