BacTech Environmental Announces Private Placement

About this update from Bactech Environmental Corp.

[{"type":"text","content":"Toronto, Canada – TheNewswire - January 21, 2021 - BacTech Environmental Corporation (“BacTech” or the “Company”), (CSE:BAC) (CNSX:BAC.CN) (OTC:BCCEF) today announced it has arranged a non-brokered private placement financing of up to 5,000,000 common shares at $0.03 per share for gross proceeds of $150,000. The closing of the offering is expected to occur on or before January 31, 2021 and is subject to the completion of documentation including receipt of regulatory approvals. All common shares issued pursuant to the offering will be subject to a statutory hold period of four months from the closing date of the financing. Certain Directors have expressed an interest to participate in the financing. Concurrent Reg A Financing Concurrently, the Company’s previously announced Regulation A financing, offered to U.S. investors, continues to be available. On July 15, 2020 the Company announced that it received the qualification of its offering statement by the SEC. Under this Reg A offering, BacTech’s offering statement confirmed the Company’s intention to raise up to US$1M to finance the bioleach test work, prefeasibility and feasibility studies and detailed engineering for its Ecuadorian environmental project. It is anticipated that the Company will draw down tranches on an “as needed basis” matching capital raises to project expenditures. On September 17, 2020 the Company announced the closing of the first tranche of this Regulation A financing in the United States with the issuance of  3,333,333 shares at US$0.015 for gross proceeds of US$50,000. There were no finder’s fees paid on the transaction. In summary, BacTech is investigating the prospects of a build/own/operate bioleach facility to be based in Ponce Enriquez, Ecuador. The selection of Ponce Enriquez is driven by the extremely high levels of arsenic that is associated with gold in the +90 small mines in the area which attract high penalties in smelting . Presently, the miners are forced to sell their production at reduced prices to Asian buyers due to the high arsenic values in the concentrates and accept lower financial returns. BacTech proposes to pay better prices for the miners’ material, by eliminating penalties for arsenic, and process higher grade gold to reduce overall refining costs. This concept can be repeated in areas of Peru, Colombia and Central America...

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