Tickers: XCNQ:BAC, PINX:BCCEF, XOTC:BCCEF
Tags: Mining
Toronto, Canada / TheNewswire / March 21, 2018 - BacTech Environmental Corporation ("BacTech" or the "Company", CSE-BAC, OTC-BCCEF) today announced that it is proceeding with a private placement of units for up to $100,000 at $0.035 per share and has received price protection from the Canadian Stock Exchange in accordance with an exemption from the applicable Policy.
The private placement units consist of one common share of the Company, a full warrant exercisable at $0.05 per share for 2 years and a proportionate share of a Net Smelter Royalty ("NSR") on production from the Telamayu tailings project in Bolivia. The full NSR on the $100,000 raise equates to 0.5% of the anticipated production.
Closing of the financing is expected within the next 2 weeks. The proceeds will be used for the final payment of the metallurgical test work that has been ongoing at the University of Oruro in Bolivia as well as general corporate overheads. A press release will be issued shortly outlining the latest results from the metallurgical test work at both Telamayu and Laurentian University.
Project Overview
The Telamayu project involves the environmental remediation of the "Antiguo" tailings with an option on the larger "Nuevo" tailings, both situated at the Telamayu mill site near the town of Atocha in the Department of Potosi in Bolivia. As part of the remediation process BacTech will recover silver, tin, and copper whilst eliminating the acid generating sulphides associated with the tailings.
The existing Telamayu mill concentrator has generated the Antiguo and Nuevo tailings by processing mineralized material from the surrounding mines for over 80 years. There is considerable infrastructure at the mill site including high voltage power, rail, mill housing, and a local workforce. The current infrastructure will contribute to a reduction in capital costs of the project. Currently metallurgical test work is underway to determine the percentage of metal to be recoverable.
For further information contact: Ross Orr, President & CEO?BacTech Environmental Corporation/ 416-813-0303 ext. 222?Email: borr@bactechgreen.com
Lalli Marrato, Investor Relations: 647-669-7646, Email: lalli@frontiermcg.com
Robin Cook, Investor Relations: 416-809-1738, Email: robin@frontiermcg.com
Follow us on:
Facebook http://www.facebook.com/BacTechGreen
Twitter http://twitter.com/BacTechGreen
LinkedIn http://www.linkedin.com/company/1613873
Vimeo http://vimeo.com/bactechgreen
YouTube http://www.youtube.com/user/bactechgreen
Special Note Regarding Forward-Looking Statements
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to future tailings sites, sampling or other investigations of tailing sites, the Company's ability to make use of infrastructure around tailings sites or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified using words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether because of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Shares outstanding 67,970,430
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
Copyright (c) 2018 TheNewswire - All rights reserved.
