VANCOUVER, BC--(Marketwired - July 06, 2016) - BioteQ Environmental Technologies Inc. (TSX VENTURE: BQE), a leader in the treatment of mine impacted waters, has received approval from the TSX Venture Exchange to enter into a convertible loan agreement pursuant to which a group of investors will make loans to BioteQ (the "Loans") totaling C$1,500,000. The lenders include certain directors, management, and employees of BioteQ, individual investors, and non-management insiders of the company.
The Loans bear interest at a rate of 8% per annum and are repayable in full on the 18 month anniversary of closing. Interest is payable semi-annually in arrears. BioteQ may elect to prepay all or any portion of the outstanding balance at any time during the term of the Loan without penalty. During the term of the Loan, the lenders will hold a first charge security interest over the assets of the company.
Upon prepayment or maturity of the Loans, each lender may elect to convert all or any portion of the repaid principal into common shares of BioteQ at a conversion price $0.06 cents per share. Any accrued but unpaid interest thereon will be converted into common shares at a conversion price equal to the greater of $0.06 cents per share or the then-prevailing market price of the common shares.
The proceeds of the Loans will be used to fund general operating expenses and ensure that BioteQ's management has the financial resources to continue executing on its longer term growth strategy.
BioteQ Corporate Profile
BioteQ is a service provider that specializes in treating mining wastewater and specific hydrometallurgical streams with the focus on reducing Life Cycle Costs while achieving compliance and introducing sustainability into water management. We have extensive expertise and operations experience in sulphide precipitation, ion exchange, alkali/lime neutralization and SART process technologies. Over the past decade, BioteQ has designed and commissioned plants at mine sites for leading organizations including Glencore Canada, Freeport-McMoRan, Jiangxi Copper and the US EPA and is currently operating six plants under long-term contracts. These plants remove dissolved metals and sulphate to well below the required regulatory discharge limits while reducing or eliminating the production of waste sludge and/or recovering valuable metals from waste streams for sale which reduces the life cycle cost of water treatment. BioteQ is headquartered in Vancouver, Canada and trades on the TSX Venture Exchange under the symbol BQE. Please visit our website at www.bioteq.ca for additional information.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained herein may not be based on historical fact and therefore constitutes "forward-looking information" under applicable Canadian securities legislation. This includes without limitation statements containing the words "plan", "expect", "project", "estimate", "intend", "believe", "anticipate", "may", "will" and other similar words or expressions. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks, uncertainties and other factors that may cause actual events or results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the Company's dependence on key personnel and contracts, uncertainty with respect to the profitability of the Company's technologies, competition, technology risk, the Company's ability to protect its intellectual property and proprietary information, fluctuations in commodity prices, currency risk, environmental regulation and the Company's ability to manage growth and other factors described in the Company's filings with the Canadian securities regulators at www.sedar.com (including without limitation the factors described in the section entitled "Risks and Uncertainties" in the Company's MD&A for the year ended December 31, 2015). Given these risks and uncertainties, the reader is cautioned not to place undue reliance on forward-looking statements. All forward-looking information contained herein is based on management's current expectations and the Company undertakes no obligation to revise or update such forward-looking information to reflect subsequent events or circumstances, except as required by law.