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Re: News Release - Friday, October 16, 2009
Bactech Closes Final Tranche Of Private Placement
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Toronto, Canada, October 16, 2009 -- BacTech Mining Corporation
("BacTech" or the "Company", TSX.V: BM) today announced that it has
closed the third and final tranche of its non-brokered private
placement announced September 10, 2009, for total gross proceeds from
this tranche of $25,000.
All securities issued for the third tranche of the offering, and the
underlying securities, are subject to a four-month hold period that
expires February 16, 2010, with the one-year warrants expiring October
15, 2010.
In total, BacTech issued 5,282,500 million units at $0.08 for gross
proceeds of $422,600. Each unit consists 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.
In connection with the offering, BacTech will pay to an arm's length
party a finder's fee in the amount of $960.00. BacTech will also issue
440,000 finder's warrants to an arm's length party who assisted in the
financing. The finder's warrants, exercisable at a price of $0.08, have
a one-year term expiring October 15, 2010, and are subject to a
four-month hold period that expires February 16, 2010. Two insiders
participated in the private placement: Ross Orr, President & CEO,
purchased 312,500 units, and a Director, Walter Cimowsky, purchased
100,000 units.
Completion of the private placement is subject to final approval by the
TSX Venture Exchange.
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, 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) 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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BacTech Mining Corp
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EXPLORATEUR |
CODE : BM.V |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
BacTech Mining est une société développant des projet miniers d'or basée au Canada. BacTech Mining détient divers projets d'exploration en Armenie. Ses principaux projets en exploration sont FERGUSSON ISLAND en Papouasie-Nouvelle-Guinee et LICHKVAZ-TEY en Armenie. BacTech Mining est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 751 120 CA$ (553 923 US$, 499 528 €). La valeur de son action a atteint son plus haut niveau récent le 30 janvier 1998 à 99,50 CA$, et son plus bas niveau récent le 22 avril 2016 à 0,03 CA$. BacTech Mining possède 8 836 707 actions en circulation. |