TORONTO, ON. - TheNewswire - October 15, 2021 –BacTech Environmental Corporation (OTC:BCCEF)(CSE:BAC) (CNSX:BAC.CN) (“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 closed the previously announced private placement (see news release dating September 23) of 3,310,250 units (the “Units”) in the Company (the “Private Placement”).
“I would like to thank the existing and new shareholders who chose to invest in this strategic raise,” said Ross Orr, President and CEO of BacTech. “While we patiently await the results of our Ponce Enriquez Feasibility Study, we are building out an aggressive South American expansion strategy as we continue to explore additional country locations.”
Each Unit, priced at $0.10 per Unit, comprises 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 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 thirty days from the date of providing such notice (the “Early Acceleration”).
The Company plans to allocate the gross proceeds of the Private Placement to general working capital purposes and to accelerate expansion plans.
A cash commission of $4,400 and 44,000 Broker Warrants were paid as part of the capital raise. The Broker Warrants buys have a 2 year term and buys an additional common share at $0.20.
About the Ponce Enriquez Bioleaching Project
BacTech is planning to build a new owner-operated bioleaching facility in Ponce Enriquez, Ecuador, in a region where arsenic is associated with gold ore (Arsenopyrite). 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.
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