RE:RE:RE:NPV up 50%22. Subsequent Events
Private Placement On March 27, 2023, BacTech announced the closing of a private placement financing for $732,000 in gross proceeds. Each Unit, priced at $0.08 per Unit, comprises of one common share and one common share purchase warrant in the capital of the Company. Each whole warrant will entitle the holder to acquire one additional common share in the capital of the Company at a price of $0.12 for a period of two years from the date the Units were issued. If during the exercise period of the warrants, the Company's shares trade at $0.20 per share or higher for a period of 10 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 thirty days from the date of providing such notice.
Convertible Debenture On March 14, 2023, BacTech announced the closing of a $250,0000 convertible debenture with the existing investor who previously completed a $1.0 million convertible debenture on April 21, 2022. The convertible debenture terms are the same as the prior debenture (Note 8(b)), now with the full principal balance of $1.25 million not due until September 4, 2024. The terms allow for a conversion at $0.15 per share at the option of holder, at an annual interest rate of 8%. The debenture extension was agreed to by the debenture holder for a 1% royalty of the Company’s Ecuador project, the same royalty as announced for the May 5, 2022, and February 28, 2022, private placements