BacTech Environmental Corporation: Announces Private Placement
TORONTO, May 31, 2016 - BacTech Environmental Corp. ("BacTech" or the "Company"), (CSE:BAC)(OTC PINK:BCCEF) (WKN: A1H4TY) announced that it intends to raise up to CAD$500,000 on a non-brokered, best efforts basis through the sale of units. Each unit, priced at 4 cents per unit, consists of one common share and one non-transferable common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of CAD$0.10 for a period of 2 years from the first anniversary of the date of issue. The common shares and warrants are subject to a four-month hold period. In a press release dated May 24, 2016, BacTech announced that it had signed the final contract related to the creation of an Association Contract with COMIBOL, the state mining company of Bolivia. The contract outlines the obligations and contributions of both parties with respect to the project. COMIBOL owns the tailings at Telamayu, Bolivia, and is making them available to the Association. In addition, there is power, rail and a former mill housing on site. Representatives of Bumigeme Inc., a Montreal-based engineering firm, will be onsite the week of June 6th to assess the existing infrastructure and to develop a go forward plan with respect to development. It is anticipated that a drill program will be instituted shortly. The material from the drill program will be incorporated into a NI 43-101 report, as well as provide fresh material for gravity and flotation testwork. Phase 1 should be completed within 6 months.
BacTech has engaged the services of FronTier Merchant Capital Group ("FronTier") for investor relations services. FronTier is an experienced and reputable investor relations group with a home office in Toronto, Canada. Under the terms of the engagement, FronTier has been retained for a 12 month period at $6,500 per month plus direct expenses. FronTier will assist the Company by increasing market awareness for the Company utilizing a number of financial market communications initiatives. The core of their efforts will be facilitating in-person introductions for the Company with institutional and retail brokers and investors in a number of cities across Canada, the U.S., Europe and Australasia.
Company Profile
BacTech Environmental Corp. holds the perpetual, exclusive, royalty-free rights to use the patented BACOX bioleaching technology for the reclamation of tailings and mining waste materials. The Company's principle focus is a high-grade silver/copper tailings project called Telamayu, located in Atocha, Bolivia, in association with COMIBOL, the state mining group. The Company signed an MOU with Duran Ventures Inc. to explore the viability of building a BACOX plant in Peru to treat high-grade gold/arsenic ores. Investigation has begun to identify similar opportunities in Ecuador. The Company continues to field enquiries globally with respect to additional opportunities for remediation, including licensing transactions for the technology.
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Special Note Regarding Forward-Looking Statements
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 by the use of 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 as a result 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.
Shares outstanding 42,393,994
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.
Contact
BacTech Environmental Corp.
Ross Orr
President & CEO
416-813-0303 ext 222
borr@bactechgreen.com
Bill Mitoulas
Investor Relations
416-837-7147
billm@venturenorthcapital.com