BacTech Closes Final Tranche of Financing
Toronto, Canada, May 14, 2018.
BacTech Environmental Corporation (“BacTech or the Company”),(CSE:BAC, OTC:BCCEF) today announced that it has closed the final tranche of its debenture financing. The final tranche raised under the Series III Debenture was $85,000 bringing the total raised to $185,000. To recap, the debenture pays 12% annually, includes a 20% common share equity bonus and a proportional share of a Net Smelter Royalty on the Company’s Telamayu Tailings project. There were also 340,000 common shares issued as Bonus Equity Interest in this tranche with a 4-month hold. The total raised, including the equity offering, was $765,000 with $580,000 raised in equity units (see PR April 19, 2018).
The Company also announced that it has settled $113,223 in obligations to ongoing service providers, including members of senior management and professional advisors, through the issuance of common shares in BacTech. A total of 2,264,475 common shares were issued including 2 million common shares to two insiders of the Company.
The Telamayu project involves the environmental remediation of the “Antiguo” tailings with an option on the larger “Nuevo” tailings, both situated at the Telamayu mill site near the town of Atocha in the Department of Potosi in Bolivia. As part of the remediation process BacTech will recover silver, tin, and copper utilizing a conventional gravity and flotation process supported with a copper cementation circuit.
The existing Telamayu mill concentrator has generated the Antiguo and Nuevo tailings by processing mineralized material from the surrounding mines for over 80 years. There is considerable infrastructure at the mill site including high voltage power, rail, mill housing, and a local workforce. The current infrastructure will contribute to a reduction in capital costs of the project. Currently metallurgical test work is underway to determine the percentage of metal to be recovered.
For further information contact:
Ross Orr, President & CEO BacTech Environmental Corporation/ 416-813-0303 ext. 222 Email: firstname.lastname@example.org
Lalli Marrato, Investor Relations: 647-669-7646, Email: email@example.com
Robin Cook, Investor Relations: 416-809-1738, Email: firstname.lastname@example.org
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Special Note Regarding Forward-Looking Statements
This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to future tailings sites, sampling or other investigations of tailing sites, the Company’s ability to make use of infrastructure around tailings sites or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified using words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether because of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Shares outstanding 84,539,281
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