BacTech Environmental Corp.: Closes Equity Financing
Toronto, April 5, 2018 - BacTech Environmental Corp. (CSE:BAC, OTC- BCCEF),("BacTech" or the "Company") today announced that it has closed $80,000 of the $100,000 financing announced on March 21st. The balance has been spoken for and should close shortly. The private placement consists of units for a total of $100,000 at $0.035 per share. Each unit contains a common share of the Company, a full warrant exercisable at $0.05 for 2 years and a proportionate share of a Net Smelter Royalty ("NSR") on the Telamayu project. Proceeds will be used for general working capital as well as test work associated with the project. The Company continues to market its debenture offering that also includes an NSR on the Telamayu Tailings project.
An insider of the Company participated in the financing for $10,000.
Project Overview
The Telamayu project involves the environmental remediation of the "Antiguo" tailings and a Company 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 processing technology.
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.
In addition, bioleach test work on concentrates and tailings material from the Ponce Enriques area of southern Ecuador continues at Laurentian University in Sudbury, Canada.
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 69,302,930
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.