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BacTech Environmental Announces $1Million Private Placement; Retains MARS Investor Relations in Final Funding Push for Bioleaching Gold Recovery Plant Construction
TORONTO, ON – TheNewswire - March 13, 2023 – BacTech Environmental Corporation (CSE:BAC), (OTC:BCCEF), (FSE:0BT1) (“BacTech” or the “Company”), a commercially p
About this update from Bactech Environmental Corp.
[{"type":"text","content":"TORONTO, ON – TheNewswire - March 13, 2023 – BacTech Environmental Corporation (CSE:BAC), (OTC:BCCEF), (FSE:0BT1) (“BacTech” or the “Company”), a commercially proven environmental technology company delivering eco-friendly bioleaching and remediation solutions for precious metal and critical mineral recovery, is pleased to announce a Non-Brokered private placement (the “Offering”) for gross proceeds of $1 million. Under the Offering, the Company will issue 12,500,000 units of the Company (each, a “Unit”) at a price of C$0.08 per Unit. Each Unit consists of one common share of the Company (each, a “Common Share”) and one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall entitle the holder to purchase one Common Share at a price of $0.12 up to 24 months from closing. In the event the common shares trade at or above $0.20 for 10 consecutive trading days, as indicated on the CSE Exchange, the Corporation shall have give notice by way of a press release that the Warrants’ expiry date will expire 20 trading days thereafter. BacTech also announces it has engaged the services of Vancouver-based MARS Investor Relations Inc. (\"MARS\"), a full-service investor relations and consulting services company focused on the junior mining sector. Under the terms of the engagement agreement (the \"Agreement\"), the Company will compensate Mars $144,000 for the 12-month initial term of the Agreement and has granted MARS stock options (the \"Options\") exercisable to acquire an aggregate of 500,000 common shares at a price of $0.10 per share until March 13, 2028. The Options shall vest quarterly over a period of 12 months, with 25% vesting each quarter. “I’m confident that we are close to being in a position to finance the Tenguel project,” said Ross Orr, CEO of BacTech Environmental. “Today’s announced funding provides some much-needed working capital, and also marks the beginning of a broader, more concerted investor relations program to share our intentions to construct what we believe will be the largest and most efficient bioleaching plant in the South America.” All Units sold under the Offering (the “LIFE Units”) were sold to purchasers pursuant to the listed issuer financing exemption (the “Listed Issuer Financing Exemption”) under Part 5A of National Instrument 45-106 – Prospectus Exemptions (in Québec,...