TORONTO, CANADA--(Marketwired - April 20, 2017) - BacTech Environmental Corporation ("BacTech" or the "Company"), (CSE:BAC)(CSE:BAC.CN)(OTC PINK:BCCEF) today announced that it has closed the first tranche of its debenture financing announced on April 5, 2017. The amount closed was CAD$195,000.
Due to increased demand for the debentures, the size of the offering has been increased from $250,000. The closing for the second and final tranche is expected to be on or around May 1, 2017.
The unsecured debentures being offered have a 2-year term and pay interest of 12% per annum. Interest payments will be paid at Maturity. In addition, the Company is including a 20% common share bonus with the debentures. For example, a $10,000 debenture would be accompanied by a $2,000 bonus payable in common shares, which equates to 40,000 common shares at the current price of the common shares ($0.05). The debentures and the common shares are subject to a 4 month hold period. Any transfer is subject to the discretion of the Company.
The use of proceeds are as follows:
- Release of the 57 drill holes completed on the Telamayu tailings not reported to date
- Completion of the NI 43-101 report on the project
- Onset of the metallurgical testing to determine the ultimate plant design
- Collection and transfer of 300 kg of arsenopyrite concentrates from Ponce Enriquez, Ecuador to Laurentian University in Sudbury, Canada for bioleach test work
- General working capital
This raise will also allow the Company to begin engineering design once the metallurgy tests are completed. The Company anticipates spending up to $750,000 to prepare the Telamayu project for production.
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 principal focus is a high-grade silver/copper/tin tailings project called Telamayu, located in Atocha, Bolivia, in association with COMIBOL, the state mining group. Investigation has begun to identify 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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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 58,882,930
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.