News Release
BacTech Environmental Closes First Tranche of Private Placement
Monday, December 12th, 2022
BacTech Environmental Corporation (CSE: BAC) and (US-OTC:BCCEF) is a pioneering, environmental technology company that has developed and commercialized a proprietary technology to remediate highly toxic tailing areas resulting from abandoned mining operations.
ContactTORONTO, ON, December 12, 2022 – BacTech Environmental Corporation (CSE: BAC, OTCQB: BCCEF, FSE: 0BT1) (“BacTech” or the “Company”), 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 (the “First Tranche“) of its $500,000 private placement (the “Offering“), issuing 851,515 units of the Company (the “Units“) at a price of $0.066 per Unit for aggregate gross proceeds of $56,200.
Each Unit consists of one common share (each, a “Share“) and one transferrable common share purchase warrant (each a “Warrant” and collectively, the “Warrants”). Each whole warrant shall entitle the holder thereof to acquire one additional common share (each a “Warrant 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”). 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 (the “Options“) to certain directors, officers, and employees to purchase an aggregate of 3,700,000 common shares (the “Optioned 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. BacTech is publicly traded on the CSE under the symbol “BAC”; on the OTCQB as “BCCEF”; and the Frankfurt Stock Exchange as “0BT1”.
Additional Press Releases & News:
- MIRARCO Secures Grant Money to Complete Pilot Testing BacTech Environmental Bioleaching IP for Nickel-Cobalt Recovery from Tailings 14-08-23
- BacTech Comments on Constitutional Court of Ecuador’s Temporary Suspension of Decree 754 03-08-23
- BacTech Engages Analytica Securities to Raise $US20M in Green/Social Bonds for the Tenguel Project 26-07-23
- BacTech Environmental Establishes Sustainable Bond Framework to Finance Ecuador Bioleach Project 24-07-23
- BacTech Environmental Joins Ontario Government Delegation at Green Expo 2023 in Mexico City and Monterrey 29-06-23
- BacTech Environmental Provides Corporate Update 16-06-23
- BacTech Environmental Engages Moneta Advisory Partners; Wall Street Veterans Marc LoPresti and Jon Najarian to Help Drive Investor Awareness Program 15-06-23
- President of Ecuador Signs Community Consultation Process Decree; Clears Path for BacTech Environmental to Pursue Final Major Permit 01-06-23
- BacTech to Present at the Sequire Investor Summit in Puerto Rico 20-04-23
- BacTech Environmental Initiates Certification Process for US$20M Green Bond Offering to Fund Bioleaching Gold Recovery Plant in Ecuador 13-04-23
- BacTech Environmental Announces First Closing of Private Placement 27-03-23
- BacTech Environmental Closes $250,000 Convertible Debenture with Strategic Investor 14-03-23
- BacTech Environmental Announces $1Million Private Placement; Retains MARS Investor Relations in Final Funding Push for Bioleaching Gold Recovery Plant Construction 13-03-23
- BacTech Environmental Closes First Tranche of Private Placement 12-12-22
- President of Ecuador Signs Pre-Legislative Consultation Decree: Confirming the Start of the Final Stage of BacTech Environmental License Pursuit 02-12-22