BacTech Raises $320,000 in Private Placement; Proposed Ponce Enriquez Bioleaching Site Now Selected
TORONTO, ON. - TheNewswire - September 23, 2021 – BacTech Environmental Corporation (OTC:BCCEF), (CNSX:BAC.CN), (CSE:BAC) (“BacTech or the Company”), a commercially proven environmental technology company delivering effective biomining metal recovery and eco-friendly remediation solutions, announced today that it has received commitments totaling $320,000 to complete a private placement (the “Private Placement”) of 3,200,000 units (the “Units”) in the Company.
Each Unit, priced at $0.10 per Unit, is comprised of one common share (each a “Share”) and one common share purchase warrant (each a “Warrant”) in the capital of the Company. Each whole Warrant will entitle the holder to acquire one additional common share (a “Warrant Share”) in the capital of the Company at a at a price of $0.20 for a period of two years from the date the Units are issued. If during the exercise period of the Warrants the Company's shares trade at $0.40 per share or higher for a period of 20 consecutive trading days on the CSE. the Company may provide notice in writing to the holders of the Warrants that the expiry date will be accelerated 30 days from the date of providing such notice (the “Early Acceleration”).
“Things are moving quickly with our Ponce Enriquez bioleaching project and other recently announced developments.” said Ross Orr, President and CEO of BacTech. “This capital injection is being raised with strategic investors to ensure Feasibility Study expediency and that the Permitting process gets underway. We’ve now optioned a parcel of land in the Ponce Enriquez vicinity to host our proposed plant, and payment for the property will be made once we have a positive Feasibility Study in hand.”
About the Ponce Enriquez Bioleaching Project
BacTech is planning to build its new owner-operated bioleaching facility in Ponce Enriquez, Ecuador, in a region where arsenic is well-known to exist in the gold ore. The Company’s plan is to build a 50 tpd bioleach plant capable of treating high gold/arsenic material. A 50 tpd plant, processing 1.5 ounces of gold per tonne of feed, similar to feeds available to the Company, would produce approximately 26,000 ounces per year. Plant designs are modular and can be expanded without affecting ongoing production.
BacTech continues to investigate the prospects of establishing additional modern mining operations across other areas of Ecuador, Peru, Colombia, and Central America. Where possible, the Company will partner with national and local governments, non-governmental organizations (NGOs), and others to assist with the funding of these projects.
About BacTech Environmental Corporation
BacTech is a proven environmental technology company, delivering effective and eco-friendly biomining and remediation solutions to commercial operations to smartly process and recover preferred metals (gold, silver, cobalt, and copper) and safely remove and transform harmful contaminants like arsenic into benign EPA-approved products for landfill. Tapping into numerous environmental and economic advantages of its proprietary method of bioleaching, BacTech uses naturally occurring bacteria, harmless to both humans and the environment, to neutralize toxic mining sites with high-pay potential. BacTech is publicly traded on the CSE under the symbol “BAC” and on the OTC as “BCCEF”.
For further information contact:
President & CEO, BacTech Environmental Corporation
416-813-0303 ext. 222
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.
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.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the shares, nor is it a solicitation of interest from a prospective investor.