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BacTech Environmental Closes First Tranche of Private Placement

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BacTech Environmental Closes First Tranche of Private Placement

 

 

 

 

 

BacTech Environmental Corporation (CSE: BAC) (OTCQB: 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 is pleased to report the closing of the first tranche of its $500,000 private placement, issuing 851,515 units of the Company at a price of $0.066 per Unit for aggregate gross proceeds of $56,200.

Each Unit consists of one common share and one transferrable common share purchase warrant. Each whole warrant shall entitle the holder thereof to acquire one additional common share in the capital of the Company (or its successor) at a price of $0.132 per Warrant Share until the date that is twenty-four months from the Closing Date.

The Company intends to use the net proceeds from the Offering for working capital requirements and other general corporate purposes. The Company continues to work with investors and financial institutions to process all orders and close the Offering.

No commissions will be paid with respect to the Unit Offering, however, the Issuer may pay a Finder’s Fee to certain finders of 7% of the aggregate gross proceeds of subscriptions facilitated by such finders. The Finder’s Fee may be paid in cash and/or Units at the option of the finder. In connection with the closing of the First Tranche, the Company will pay finder’s fees of $2,310 and 35,000 broker warrants to Canaccord Genuity.

Additionally, pursuant to the Company’s Stock Option Plan, the Company has granted on December 12, 2022, stock options to certain directors, officers, and employees to purchase an aggregate of 3,700,000 common shares of the Company at an exercise price of $0.10 per Optioned Share for a period of five years from the date of grant. Some of these options replace previously granted, now expired, options. Subsequent to the grant of such Options, an aggregate amount of 5,985,882 common shares of the Company remains available for issuance under the Company’s stock option plan, as re-approved by the shareholders of the Company during the last Company’s annual general meeting held on September 16, 2021.

 

About BacTech Environmental Corporation

 

BacTech is a proven environmental technology company, delivering effective and eco-friendly bioleaching and remediation solutions to commercial operations to process and recover preferred metals (gold, silver, cobalt, nickel and copper) smartly and safely remove and transform harmful contaminants like arsenic into benign EPA-approved products for landfill. Tapping into numerous environmental and economic advantages of its proprietary method of bioleaching, BacTech uses naturally occurring bacteria, harmless to both humans and the environment, to neutralize toxic mining sites with high-pay potential.

Posted December 12, 2022

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