Business
BacTech Environmental Closes First Tranche of Private Placement
TORONTO, ON, - TheNewswire - December 12, 2022 – BacTech Environmental Corporation (CSE:BAC), (OTC:BCCEF), (FSE:0BT1) (“BacTech” or the “Company”), a commercial
About this update from Bactech Environmental Corp.
[{"type":"text","content":"TORONTO, ON, - TheNewswire - December 12, 2022 – 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 is pleased to report the closing of the first tranche (the \"First Tranche\") of its $500,000 private placement (the \"Offering\"), issuing 851,515 units of the Company (the \"Units\") at a price of $0.066 per Unit for aggregate gross proceeds of $56,200. Each Unit consists of one common share (each, a \"Share\") and one transferrable common share purchase warrant (each a \"Warrant\" and collectively, the “Warrants”). Each whole warrant shall entitle the holder thereof to acquire one additional common share (each a “Warrant Share”) in the capital of the Company (or its successor) at a price of $0.132 per Warrant Share until the date that is twenty-four months from the Closing Date. The Company intends to use the net proceeds from the Offering for working capital requirements and other general corporate purposes. The Company continues to work with investors and financial institutions to process all orders and close the Offering. No commissions will be paid with respect to the Unit Offering, however, the Issuer may pay a Finder’s Fee to certain finders of 7% of the aggregate gross proceeds of subscriptions facilitated by such finders (the “Finder’s Fee”). The Finder’s Fee may be paid in cash and/or Units at the option of the finder. In connection with the closing of the First Tranche, the Company will pay finder's fees of $2,310 and 35,000 broker warrants to Canaccord Genuity. Additionally, pursuant to the Company’s Stock Option Plan, the Company has granted on December 12, 2022, stock options (the “Options“) to certain directors, officers, and employees to purchase an aggregate of 3,700,000 common shares (the “Optioned Shares”) of the Company at an exercise price of $0.10 per Optioned Share for a period of five years from the date of grant. Some of these options replace previously granted, now expired, options. Subsequent to the grant of such Options, an aggregate amount of 5,985,882 common shares of the Company remains available for issuance under the Compan...