(TheNewswire)
BacTech closedTotaling $614,040
Toronto, ON - TheNewswire - December 19, 2023 - BacTech Environmental Corporation (“ BacTech ” or the“ Company ”) (CSE:BAC ) ( OTC:BCCEF ) ( FSE:0BT1) , a well-established environmentaltechnology company specializing in environmentally friendlybioleaching and remediation solutions for the recovery of preciousmetals and critical minerals, announced today that it has receivedsubscription agreements totaling $614,040 for the first tranche of its recently announcedprivate placement of units in theCompany.
Each Unit, priced at $0.08 per Unit, comprises onecommon share (each a “ Share ”) and one half of a common sharepurchase warrant (each a “ Warrant ”) in the capital of the Company. Each whole Warrant will entitle the holder to acquire one additionalcommon share (a “ WarrantShare ”) in the capital of the Company at aprice of $0.12 for a period of two years from the date the Units areissued. If during the exercise period of the Warrants the Company'sshares trade at $0.20 per share or higher for a period of 10consecutive trading days on the CSE, the Company may provide notice inwriting to the holders of the Warrants that the expiry date will beaccelerated thirty days from the date of providing such notice (the“ EarlyAcceleration ”). Two insiders participated inthe financing for a total of $32,000.
This initial closing will allow us to meet our businessobligations and basic working capital needs as we work toward closingthe US$20M green/social bond.
A Finder’s Fee of $38,243 was paid and 468,040Finder’s Warrants were issued as part of the capital raise. TheFinder’s Warrants have a 2-year term, and a full warrant buys anadditional common share at $0.12.
About the Tenguel – Ponce EnriquezBioleaching Project
BacTech plans to construct an owner-operatedbioleaching facility in Tenguel, Ecuador, a region known for itsassociation with arsenic in sulphide gold ore (Arsenopyrite). Thecompany intends to build a 50 tpd bioleach plant capable of treatinghigh gold/arsenic material. Such a plant, processing feed with 1.75ounces of gold per tonne, similar to what local miners provide, wouldyield approximately 31,000 ounces per year. The modular plant designsallow for expansion without disrupting ongoing production. BacTech hasalso signed an agreement with the government for a Phase 2 plant thatwould add 150-200 tpd of capacity, producing more than 100,000 ouncesper annum.
Key economic highlights, assuming a base gold price of$1,600 per ounce, include:
• Pre-tax NPV (Net Present Value with a 5% discountrate) of $60.7 million
• Pre-tax IRR (Internal Rate of Return) of 57.9%
• Annual Gold Production of 30,900 ounces • CapitalCost of $17.0 million
• Bioleach Operating Cost of $212 per tonne
• Pre-tax Earnings Prior to Employee Bonus – $10.9million annually
• Estimated local employee bonus pool – $1.64million
The area hosts over 100 small mines, and BacTech isactively exploring the possibility of establishing modern bioleachingfacilities in other regions of Ecuador, Peru, and Colombia. Thecompany aims to collaborate with national and local governments,non-governmental organizations (NGOs), and other stakeholders to fundthese projects and ensure adherence to high environmental and ESG(Environmental, Social, and Governance) standards.
About BacTech EnvironmentalCorporation
BacTech Environmental Corporation is a company thatspecializes in environmental technology. We use a process calledbioleaching to recover metals like gold, silver, cobalt, nickel, andcopper, while also safely removing harmful contaminants like arsenic.This process is eco-friendly and uses naturally occurring bacteriathat are safe for both humans and the environment. By using ourproprietary method of bioleaching, we can neutralize toxicconcentrates and tailings while also creating profitableopportunities. The company is publicly traded on several stockexchanges, including the CSE, OTCQB, and Frankfurt StockExchange.
For further information contact:
Ross Orr
President & CEO, BacTechEnvironmental Corporation
416-813-0303 ext. 222
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”, or believes” or variations (including negativevariations) of such words and phrases, or state that certain actions,events or results “may”, “could”, “would”, “ might ” or “will” be taken, occuror be achieved. Forward-looking statements involve known and unknownrisks, uncertainties and other factors which may cause the actualresults, performance, or achievements of the Company to be materiallydifferent from any future results, performance or achievementsexpressed 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.
Sharesoutstanding: 185,360,333
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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