BacTech Environmental Completes First Closing of $200,000 For Financing
Restructures Offering to Debenture and Common Stock OfferingToronto, November 29, 2017 - BacTech Environmental Corp. (CSE:BAC, OTC-BCCEF),("BacTech" or the "Company") today announced that it has restructured its recently announced debenture offering and has added an equity offering. The Company also announced that it has closed an initial $200,000 from these financings.
With respect to the debenture financing announced on November 8, 2017, the Company has replaced the warrants that accompanied the proposed debenture with a 20% common share equity bonus based on $0.05 per share. The Net Smelter Royalty ("NSR") participation remains unchanged. Secondly, BacTech has accepted a subscription agreement for $100,000 that will see the purchaser receive 2,000,000 common shares at $0.05 as well as participation in the NSR on the same terms as the debenture purchasers. The common shares will be subject to a 4-month hold period. Both investment vehicles will be offered going forward to prospective purchasers to raise a cumulative $500,000.
"We listened to what investors wanted and restructured the existing debenture offering and created an equity option as well. The NSR, in both cases, allows the investor to participate in the project for 5 years even after their debentures are redeemed or they have sold their equity," said Ross Orr, President and CEO of BacTech.
Proceeds will be used for metallurgical test work, engineering and general corporate uses.
Finally, the Company announced that it has issued 257,500 shares for debt to certain suppliers of the Company. The deemed price of the issuance was $0.05 per share.
Project Overview
The Telamayu project involves the environmental remediation of the "Antiguo" tailings with an option on the larger "Nuevo" tailings, both situated at the Telamayu mill site near the town of Atocha in the Department of Potosi in Bolivia. As part of the remediation process BacTech will recover silver, tin, and copper utilizing a conventional gravity and flotation process supported with a copper cementation circuit.
The existing Telamayu mill concentrator has generated the Antiguo and Nuevo tailings by processing mineralized material from the surrounding mines for over 80 years. There is considerable infrastructure at the mill site including high voltage power, rail, mill housing, and a local workforce. The current infrastructure will contribute to a reduction in capital costs of the project. Currently metallurgical test work is underway to determine the percentage of metal to be recoverable. Results are expected in December.
For further information contact: Ross Orr, President & CEO?BacTech Environmental Corp./ 416-813-0303 ext. 222?Email: borr@bactechgreen.com
Lalli Marrato, Investor Relations: 647-669-7646, Email: lalli@frontiermcg.com
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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 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.
Shares outstanding 65,302,930
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