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Bactech Announces Private Placement
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Toronto, Canada, September 10, 2009 -- BacTech Mining Corporation
("BacTech" or the "Company", TSX-V: BM) announced today that it intends
to raise $520,000 in a private placement of common share units. To
date, the Company has received commitments in the amount of $375,000.
BacTech will issue 6.5 million units at $0.08 for gross proceeds of
$520,000. Each unit will consist of one common share and one half of a
common share purchase warrant. A full warrant entitles the holder to
purchase one common share at $0.12 for a period of one year from the
date of closing. The common shares and warrants will be subject to a 4
month hold period. Completion of the private placement is subject to
approval by the TSX Venture Exchange ("TSX-V").
In connection with the private placement, and subject to approval by
the TSX-V, a finder's fee of 8% may be paid to arm's length parties.
The proceeds will be used to advance metallurgical test work on the
bioleaching facility the Company proposes to build in Coleman Township
in northern Ontario, and for general working capital.
BACTECH PROFILE
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 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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For further information contact:
Ross Orr, BacTech Mining Corporation: 416-813-0303 ext 222
Shares outstanding 83,982,206
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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Copyright (c) 2009 BACTECH MINING CORPORATION (BM) All rights
reserved. For more information visit our website at
http://www.bactech.com/ or send mailto:info@bactech.com
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VanEck Vectors Global Alternative Energy ETF
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EXPLORATION STAGE |
CODE : BM.V |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
BacTech Mining is a gold development stage company based in Canada. BacTech Mining holds various exploration projects in Armenia. Its main exploration properties are FERGUSSON ISLAND in Papua New Guinea and LICHKVAZ-TEY in Armenia. BacTech Mining is listed in Canada and in United States of America. Its market capitalisation is 4.3 millions as of today (US$ 3.0 millions, € 2.7 millions). Its stock quote reached its highest recent level on January 30, 1998 at 99.50, and its lowest recent point on April 22, 2016 at 0.03. BacTech Mining has 47 442 200 shares outstanding. |