TORONTO, ON., November 9, 2021 – BacTech Environmental Corporation (OTC:BCCEF, CSE:BAC, FSE:0BT1) (“BacTech or the Company”), a commercially proven environmental technology company delivering effective biomining metal recovery and eco-friendly remediation solutions, announced today that it has reached agreements with 83.1% of its current debenture and loan payable holders convert $642,500 of the Company’s outstanding debt and $557,585 accrued interest into 12,000,854 Units. The Units are the same as those issued recently to raise
$351,000 as announced on October 15, 2021.
The Company issued 12,000,854 common shares \and 12,000,854 share purchase warrants. Each share purchase warrant will entitle the holder to acquire one additional common share in the capital of the Company at a price of $0.20 for a period of two years from the date the Units are issued. If during the exercise period of the Warrants the Company’s shares trade at $0.40 per share or higher for a period of 20 consecutive trading days on the CSE, the Company may provide notice in writing to the holders of the Warrants that the expiry date will be accelerated thirty days from the date of providing such notice Since the debentures were not originally convertible into common shares of BacTech the units will be subject to a 4-month hold similar to the recent private placement.
“I think it goes without saying that we are very thankful to the people who have stuck with us through some pretty dark times. This conversion to liquidity, I am sure, is welcome by all.”
About the Ponce Enriquez Bioleaching Project
BacTech is planning to build a new owner-operated bioleaching facility in Ponce Enriquez, Ecuador, in a region where arsenic is associated with gold ore (Arsenopyrite). The Company’s plan is to build a 50 tpd bioleach plant capable of treating high gold/arsenic material. A 50 tpd plant, processing 1.5 ounces of gold per tonne of feed, similar to feeds available to the Company, would produce approximately 26,000 ounces per year. Plant designs are modular and can be expanded without affecting ongoing production. BacTech continues to investigate the prospects of establishing additional modern mining operations across other areas of Ecuador, Peru, Colombia, and Central America. Where possible, the Company will partner with national and local governments, non-governmental organizations (NGOs), and others to assist with the funding of these projects.
About BacTech Environmental Corporation
BacTech is a proven environmental technology company, delivering effective and eco-friendly biomining and remediation solutions to commercial operations to smartly process and recover preferred metals (gold, silver, cobalt, and copper) 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” and on the OTC as “BCCEF”.