(TheNewswire)
TORONTO, ON, - TheNewswire - December 12, 2022 – BacTech EnvironmentalCorporation (CSE:BAC ) , ( OTC:BCCEF ) , ( FSE:0BT1)(“ BacTech ” or the “ Company ”), a commercially proven environmental technology company deliveringeco-friendly bioleaching and remediation solutions for precious metaland critical mineral recovery , is pleased is pleased to report the closing of the firsttranche (the " First Tranche ") ofits $500,000 private placement (the " Offering "),issuing 851,515 units of the Company (the " Units ") at aprice of $0.066 per Unitfor 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 additionalcommon share (each a “Warrant Share”) in the capital of theCompany (or its successor) at a price of $0.132 per Warrant Shareuntil the date that is twenty-four months from the Closing Date.
The Company intends to use the net proceeds from theOffering for working capital requirements and other general corporatepurposes. The Company continues to work withinvestors and financial institutions to process all orders and closethe Offering.
No commissions will be paid with respect to the UnitOffering, however, the Issuer may pay a Finder’s Fee to certainfinders of 7% of the aggregate gross proceeds of subscriptionsfacilitated by such finders (the “Finder’s Fee”). The Finder’sFee may be paid in cash and/or Units at the
option of the finder. Inconnection with the closing of the First Tranche, the Company will payfinder's fees of $2,310 and 35,000 broker warrants to CanaccordGenuity.
Additionally, pursuant to the Company’s Stock OptionPlan, the Company has granted on December 12, 2022, stock options (the“ Options “) to certain directors, officers, and employees topurchase an aggregate of 3,700,000 common shares(the “ OptionedShares ”) of the Company at an exercise priceof $0.10 per OptionedShare for a period of five years from the date of grant. Some of theseoptions replace previously granted, now expired,options. Subsequent to the grant of suchOptions, an aggregate amount of 5,985,882 common shares of the Companyremains available for issuance under the Company’s stock optionplan, as re-approved by the shareholders of the Company during thelast Company’s annual general meeting held on September 16,2021.
About BacTech EnvironmentalCorporation
BacTech is a proven environmental technology company,delivering effective and eco-friendly bioleaching and remediationsolutions to commercial operations to process and recover preferredmetals (gold, silver, cobalt, nickel and copper) smartly and safelyremove and transform harmful contaminants like arsenic into benignEPA-approved products for landfill. Tapping into numerous environmental and economic advantages of itsproprietary method of bioleaching, BacTech uses naturally occurringbacteria, harmless to both humans and the environment, to neutralizetoxic mining sites with high-pay potential. BacTech is publicly tradedon the CSE under the symbol “BAC”; on the OTCQB as “BCCEF”;and the Frankfurt Stock Exchange as “0BT1”.
For further information contact:
President & CEO, BacTech Environmental Corporation
416-813-0303 ext. 222,
Email: borr@bactechgreen.com
Website: https://bactechgreen.com/
Investor Presentation: https://bactechgreen.com/investors/
Vimeo http://vimeo.com/bactechgreen
Special Note Regarding Forward-Looking Statements
This news release contains “forward-lookinginformation”, which may include, but is not limited to, statementswith respect to future tailings sites, sampling or otherinvestigations of tailing sites, the Company’s ability to make useof infrastructure around tailings sites or operating performance ofthe Company and its projects. Often, but not always, forward-lookingstatements can be identified using words such as “plans”,“expects”, “is expected”, “budget”, “scheduled”,“estimates”, “forecasts”, “intends”, “anticipates”, orbelieves” or variations (including negative variations) of suchwords and phrases, or state that certain actions, events or results“may”, “could”, “would”, “might” or “will” betaken, occur or be achieved. Forward-looking statements involve knownand unknown risks, uncertainties and other factors which may cause theactual results, performance, or achievements of the Company to bematerially different from any future results, performance orachievements expressed or implied by the forward-looking statements.Forward-looking statements contained herein are made as of the date ofthis news release and the Company disclaims, other than as required bylaw, any obligation to update any forward-looking statements whetherbecause of new information, results, future events, circumstances, orif management’s estimates or opinions should change, or otherwise.There can be no assurance that forward-looking statements will proveto be accurate, as actual results and future events could differmaterially from those anticipated in such statements. Accordingly, thereader is cautioned not to place undue reliance on forward-lookingstatements.
Shares outstanding:174,210,406
The Canadian Securities Exchange (CSE) has not reviewedand does not accept responsibility for the adequacy or the accuracy ofthe contents of this release.
This press release does not constitute an offer to sellor a solicitation of an offer to buy any of the shares, nor is it asolicitation of interest from a prospective investor.
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