BacTech Environmental Completes First Closing of $200,000 For Financing Restructures Offering to Debenture and Common Stock Offering
November 29, 2017
Toronto, Canada, BacTech Environmental Corporation (CSE:BAC, OTC-BCCEF),(“BacTech” or the “Company”) today announced that it has restructured its recently announced debenture offering and has added an equity offering. The Company also announced that it has closed an initial $200,000 from these financings.
With respect to the debenture financing announced on November 8, 2017, the Company has replaced the warrants that accompanied the proposed debenture with a 20% common share equity bonus based on $0.05 per share. The Net Smelter Royalty (“NSR”) participation remains unchanged. Secondly, BacTech has accepted a subscription agreement for $100,000 that will see the purchaser receive 2,000,000 common shares at $0.05 as well as participation in the NSR on the same terms as the debenture purchasers. The common shares will be subject to a 4-month hold period. Both investment vehicles will be offered going forward to prospective purchasers to raise a cumulative $500,000.
“We listened to what investors wanted and restructured the existing debenture offering and created an equity option as well. The NSR, in both cases, allows the investor to participate in the project for 5 years even after their debentures are redeemed or they have sold their equity,” said Ross Orr, President and CEO of BacTech.
Proceeds will be used for metallurgical test work, engineering and general corporate uses.
Finally, the Company announced that it has issued 257,500 shares for debt to certain suppliers of the Company. The deemed price of the issuance was $0.05 per share.
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 recoverable. Results are expected in December.
For further information contact: Ross Orr, President & CEO BacTech Environmental Corporation/ 416-813-0303 ext. 222 Email: email@example.com
Lalli Marrato, Investor Relations: 647-669-7646, Email: firstname.lastname@example.org
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Shares outstanding 65,302,930
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