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Bactech Increases Financing
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Toronto, Canada, February 25, 2010 -- BacTech Mining Corporation
("BacTech" or the "Company", TSX.V: BM) today announced that it has
increased the amount of its proposed financing to $850,000 due to
increased investor demand.
BacTech announced on February 18, 2010, that it planned to sell a 22.5%
interest in its wholly-owned subsidiary, BacTech Gold Corporation, to
outside investors for $750,000. The increase in the financing will now
result in BacTech selling 25.5% of the subsidiary.
Pursuant to the financing transaction, BacTech will now issue 850
Subscription Receipts at a price of $1,000 each, to raise gross
proceeds of $850,000. Upon completion of the Reorganization, the
Subscription Receipts will be automatically exchanged for that number
of BGC Shares which will represent 25.5% of the outstanding BGC Shares
immediately after the transaction (which number is expected to be
approximately 10.25 million BGC Shares), together with 8.5 million
warrants of BGC (the "BGC Warrants"). Each BGC Warrant will be
exercisable for one BGC Share at a price of $0.10 per share for 18
months. BacTech will also pay to the holders of the Subscription
Receipts interest at the rate of 10% per annum for the period from the
date of closing of the Subscription Receipt financing to the effective
date of the Reorganization. In the event the Reorganization is not
completed within six months, BacTech will be obligated to repay the
subscription price for the Subscription Receipts, together with
interest at the rate of 10% per annum, and issue to the holders an
aggregate of 6,800,000 BacTech warrants exercisable at $0.10 per share
for 18 months.
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 January the
Company announced its intention to effect a divisive reorganization
whereby BacTech will transfer all of its interests in mining projects
and the rights to its bioleaching technology to a wholly-owned
subsidiary. The common shares of the subsidiary will be distributed to
the shareholders of BacTech upon completion of the reorganization.
BacTech will hold an exclusive and perpetual right to use the
bioleaching technology for projects related to environmental
remediation of mine tailings.
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For further information contact:
Ross Orr, President & CEO: 416-813-0303 ext 222
Shares outstanding 89,264,706
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) 2010 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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BacTech Mining Corp
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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 CA$ 751 120 as of today (US$ 553 923, € 499 528). Its stock quote reached its highest recent level on January 30, 1998 at CA$ 99.50, and its lowest recent point on April 22, 2016 at CA$ 0.03. BacTech Mining has 8 836 707 shares outstanding. |