TORONTO, CANADA – BacTech Mining Corporation (“BacTech” or the “Company”), announced today that it intends to raise $500,000 in a private placement of common share units.
BacTech has announced that it will issue 10 million Units, with each Unit price to be $0.05. Gross proceeds will equal $500,000. Each of the Company’s Unit will consist of 1 Common Share and one-half of a Common Share purchase warrant. A full warrant of the Company entitles the Unit Holder to purchase one Common Share at $0.10 (ten cents). This period will last for 1 year from the date of issuance.
In connection with the private placement (and the release of their private placement memorandum), and subject to approval by the TSX-V, a finder’s fee of 3% may be paid to arm’s length parties, as commission for capital acquisitive assistance.
The proceeds from the private offering will be used to redeem certain debt obligations and for general working capital.
BacTech owns patented bacterial oxidation technology for the treatment of refractory ores and concentrates to enhance the recovery of gold, silver and base metals. The Company’s focus is the acquisition of equity positions in projects amenable to bioleaching. In June 2008, the Company signed an agreement to acquire Yamana Gold Inc.’s 33% interest in two refractory gold deposits in Papua New Guinea. In September 2008, BacTech signed an MOU to investigate the use of bioleaching to reprocess arsenic-laden tailings in Cobalt, Ontario. This is the Company’s first foray into the cleantech industry. BacTech is continuing to evaluate additional remediation projects.
Shares outstanding 61,107,206