Toronto, Canada, December 10, 2010 – BacTech Environmental Corporation (“BacTech” or the “Company”, CNSX: BAC) today announced that it intends to raise up to $300,000 in a private placement of common share units.
BacTech will issue up to 2,500,000 units at $0.12 per unit for gross proceeds of CAD$300,000. Each unit will consist of one common share and one half of a common share purchase warrant. A full warrant entitles the holder to purchase one common share at $0.17 for a period of one year from the date of issue. The common shares and warrants will be subject to a 4 month hold period. The Company reserves the right to increase the amount of the financing if there is a demand.
In connection with the private placement, a finder’s fee of 7% cash and 7% agent’s warrants may be paid to arm’s length parties. Each agent’s warrant will be exercisable into one common share at $0.17 for one year.
The proceeds will be used for general working capital.
Please see BacTech’s website, www.bactechgreen.com under Corporate Profile, to obtain symbols for various market quotes available through suppliers such as Thompson-Reuters, Globe Investor, etc.
BacTech Environmental Corporation was recently created through a Plan of Arrangement whereby shareholders of the former BacTech Mining Corporation (“BMC”), renamed REBgold Corporation, were issued, in exchange for their BMC shares, 1 share of REBgold Corporation and 1/5th of one share of BacTech Environmental. BEC holds the exclusive rights to use REBgold’s patented bioleaching technology for reclamation of tailings and concentrate processing.
For further information contact:
Ross Orr, President & CEO: 416-813-0303 ext 222
Shares outstanding 26,720,107