TORONTO, CANADA--(Marketwired - Aug. 29, 2014) - BacTech Environmental Corporation ("BacTech") (CSE:BAC)(OTC:BCCEF)(WKN:A1H4TY) today announced that its $600,000 Bridge Loan (issued July 2013) and the $585,000 Debenture (issued May 2012), plus the accrued interest to July 31 2014, have been converted to 27,742,934 common shares at a price of $0.05 per common share. The Company has also converted $115,000 of debt owing to management and consultants, to 2,300,000 common shares at the same price. In total, $1,502,000 of debt and accumulated interest has been converted to 30,042,934 common shares. Following this transaction, the Company has manageable debt outstanding.
As a result of the conversion, Option Three Advisory Services Limited, the Company's largest shareholder, will increase its interest in BacTech to 16,549,267 common shares or 39.9% of the outstanding common shares. In addition, Philip Richards, a resident of London, England will own 4,280,000 common shares or 10.3% of the Company.
As a result of the conversion BacTech will have 41,393,944 common shares issued and outstanding and 46,673,877 common shares fully diluted.
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. BacTech signed a contract with the Mines Branch of the Manitoba Department of Innovation, Energy and Mines, to remediate an arsenopyrite gold stockpile situated at the Snow Lake Mine in Snow Lake, Manitoba. The project is presently on hold. A second high-grade silver/copper project is under negotiation at Atocha, Bolivia in partnership with COMIBOL, the state mining group. The Company continues to field enquiries globally with respect to additional opportunities for remediation including licensing transactions for the technology.
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 by the use of 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 as a result 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 41,393,944
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.