BacTech Environmental Corporation (CSE:BAC) (OTC:BCCEF) a commercially proven environmental technology company delivering effective biomining metal recovery and eco-friendly remediation solutions, announced today that it has closed the first tranche for $732,000 of its recently announced non-brokered private placement (see news release dated March 13th, 2023) for $1M in equity funding.
Each Unit, priced at $0.08 per Unit, comprises 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 are 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.
This initial closing will allow us to meet our business objectives and basic working capital needs over the next 12 months. Additional capital will allow us to expedite deposits on equipment with longer lead times.
A finder’s fee of $16,600 was paid and 208,500 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 $0.08.
All Units sold under the Offering were sold to purchasers pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions (in Québec, Regulation 45-106 respecting Prospectus Exemptions, collectively, “NI 45-106”). The Common Shares and Warrants underlying the LIFE Units are freely tradeable and are not subject to a hold period pursuant to applicable Canadian securities laws.
About the Tenguel – Ponce Enriquez Bioleaching Project
BacTech is planning to build a new owner-operated bioleaching facility in Tenguel, Ecuador, in a region where arsenic is associated with sulphide 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 feed of 1.75 ounces of gold per tonne, similar to feeds available to the Company from local miners, would produce approximately 31,000 ounces per year. Plant designs are modular and can be expanded without affecting ongoing production. The total concentrate market in the Ponce Enriquez area is estimated to be between 200 and 250 tonnes per day, allowing for increased throughput potential with a larger plant. BacTech has signed an agreement with the government to build a Phase 2 plant that would see the addition of 150-200 tpd of capacity capable of producing in excess of 100,000 ounces per annum.
Key economic highlights, assuming a base gold price @ $1,600 per ounce:
In total, there are over 100 small mines operating in the area. BacTech continues to investigate the prospects of establishing additional modern bioleaching facilities across other areas of Ecuador, Peru, and Colombia. 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 and ensure that they meet the Company’s high expectations not only for environmental standards, but also for the highest standards in all ESG considerations.
About BacTech Environmental Corporation
BacTech Environmental Corporation is a company that specializes in environmental technology. We use a process called bioleaching to recover metals like gold, silver, cobalt, nickel, and copper, while also safely removing harmful contaminants like arsenic. This process is eco-friendly and uses naturally occurring bacteria that are safe for both humans and the environment. By using our proprietary method of bioleaching, we are able to neutralize toxic concentrates and tailings while also creating profitable opportunities.
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