BacTech Closes Private Placement
TORONTO, CANADA– BacTech Mining Corporation announced that it has closed the additional private placement reported on April 22, 2009, for total gross proceeds of $200,000.
The terms of the private placement memorandum are as follows: unit price $0.05, with a unit comprised of one common share and one two-year common share purchase warrant. Each warrant entitles the holder to acquire one common share at a price of $0.07 per share during the first year of the two year exercise period, and at a price of $0.10 per share during the second year. All securities issued for the offering and the underlying securities, are subject to a four-month hold period that expires September 2, 2009, with the two-year warrants expiring May 1, 2011.
In connection with the private offering, and subject to approval by the TSX Venture Exchange, BacTech will pay to an arm’s length party a cash finder’s fee in the amount of $6,000.
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.
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