Toronto, Canada, May 4, 2012 – BacTech Environmental Corporation (“BacTech” or the “Company”, CNSX: BAC, WKN: A1H4TY) announces that it has closed the second and final tranche of its convertible debenture financing originally announced on April 19th, 2012. The financing was oversubscribed, raising an additional $85,000 over its original goal of $500,000. Total gross proceeds raised in the financing was $585,000, with $160,000 of the proceeds closed in the second tranche and $425,000 of the proceeds closed in the first tranche.
The private placement consists of units priced at $10,000 per unit. Each unit consists of a $10,000 principal amount redeemable convertible debenture and 50,000 Series E common share purchase warrants. The debentures will bear interest at 12 per cent per annum payable quarterly. The debentures mature on April 25, 2014. BacTech has the option to redeem the debentures at par at any time beginning 120 days from issuance. At any time prior to maturity or redemption the debentures are convertible at the option of the holder into common shares at a conversion price of $0.20. Each Series E warrant entitles the holder to purchase one common share at a price of $0.20 until April 25, 2014. The debentures and warrants and the common shares issuable upon conversion of the debentures and exercise of the warrants are subject to a 4 month hold period from the closing of the financing.
BacTech has paid finder’s fees totaling $12,000 cash and 60,000 finder’s warrants to arm’s length parties who introduced subscribers for the units in the second tranche. Each finder’s warrant is exercisable for one common share at $0.20 each until April 25, 2014.
BacTech Environmental holds the perpetual, exclusive, royalty-free rights to use the patented BACOX bioleaching technology for the reclamation of tailings and mining waste materials. In November, BacTech signed a contract with the Mines Branch of the Manitoba Department of Innovation, Energy and Mines, to remediate an arsenopyrite gold stockpile situated at the Snow Lake Mine in Snow Lake, Manitoba. The Company continues to field enquiries globally with respect to additional opportunities for remediation.
For further information contact:
Ross Orr, President & CEO
BacTech Environmental Corporation: 416-813-0303 ext 222
Bill Mitoulis, Investor Relations
The Canadian National Stock Exchange (CNSX) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.