BacTech Environmental Corporation (CSE: BAC) (OTC: BCCEF) (FSE: 0BT1) a commercially proven environmental technology company delivering eco-friendly bioleaching and remediation solutions for precious metal and critical mineral recovery, is pleased to announce the closing of the first tranche of a non-brokered private placement.

BacTech has price protection for this offering of 20,000,000 units at a price of C$0.05 per Unit for total gross proceeds up to $1,000,000. Each Unit consists of one common share of the Company and one common share purchase warrant.  Each Warrant shall entitle the holder to purchase one Common Share at a price of $0.10 up to 24 months from closing. In the event the common shares trade at or above $0.20 for 10 consecutive trading days, as indicated on the CSE Exchange, the Corporation shall give notice by way of a press release that the Warrants’ expiry date will expire 20 trading days thereafter.

Today, the Company closed the first tranche of the private placement with 6,634,000 units for gross proceeds of $331,700.  The company has issued 6,634,000 common shares and 6,634,000 share purchase warrants. Further to the Company’s earlier announcement, a second closing for an additional $200,000 will occur within the next two weeks. In connection with this private placement the Company paid finders’ fees of an aggregate $4,400 in cash and 96,000 broker warrants.  Each broker warrant shall entitle the holder to purchase one Common Share at a price of $0.10 up to 24 months from closing. In the event the common shares trade at or above $0.20 for 10 consecutive trading days, as indicated on the CSE Exchange, the Corporation shall have give notice by way of a press release that the Warrants’ expiry date will expire 20 trading days thereafter.

Insiders of the Company purchased 1,184,000 units for gross proceeds of  $59,200.

 

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 can neutralize toxic concentrates and tailings while also creating profitable opportunities. The company is publicly traded on several stock exchanges, including the CSE, OTCQB, and Frankfurt Stock Exchange.