Toronto, Canada, January 18, 2012 – BacTech Environmental Corporation (“BacTech” or the “Company”, CNSX: BAC, WKN: A1H4TY) announced the closing of the first tranche of the private placement originally announced on December 12, 2011, The Company issued 705,000 units priced at $0.20 per unit, for total gross proceeds of CAD$ 141,000. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at a price of $0.30 until January 18, 2013.
The common shares and underlying securities issued pursuant to the private placement are subject to a four-month hold period which expires May 19, 2012.
The proceeds of the private placement will be used for the Snow Lake project in Manitoba, general working capital and ongoing test work.
BacTech Environmental holds the exclusive, royalty-free rights to use the patented BACOX bioleaching technology for the reclamation of tailings and mining waste materials. On April 25, BacTech was awarded a contract by 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. This is the Company’s first project since the Plan of Arrangement was completed on December 2, 2010.
For further information contact:
Ross Orr, President & CEO: 416-813-0303 ext 222