TORONTO, CANADA–(Marketwire – Dec. 12, 2011) - BacTech Environmental Corporation (“BacTech” or the “Company”) (CNSX:BAC)(WKN:A1H4TY) announces that it intends to raise up to $ 1,000,000 by way of a private placement of common share units.
BacTech will issue up to 5,000,000 units at $ 0.20 per unit. Each unit will consist of one common share and one-half of a Series D common share purchase warrant. Each whole Series D warrant will entitle the holder to purchase one common share at a price of $ 0.30 for a period of one year from the date of issue. The common shares and warrants will be subject to a four-month hold period.
In connection with the private placement, finder’s fees of 8% cash and 8% finder’s warrants may be paid to arm’s length parties who introduce subscribers for the units. Each finder’s warrant will be exercisable for one common share at $ 0.20 for a period of one year from closing.
The proceeds of the private placement will be used for working capital, bioleach test work, evaluation of future projects and expenses related to the Snow Lake project in Manitoba.
BacTech Environmental holds the exclusive, royalty-free rights to use the patented BACOX bioleaching technology for the reclamation of tailings and mining waste materials. On April 25, BacTech was awarded a contract by 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. This is the Company’s first project since the Plan of Arrangement was completed on December 2, 2010.
Shares outstanding 38,128,361
The Canadian National Stock Exchange (CNSX) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.