Business
BacTech Environmental Completes Closing of Second Tranche
TORONTO, ON – TheNewswire - May10, 2022 – BacTech Environmental Corporation (CSE:BAC), (CNSX:BAC.CN), (OTC:BCCEF), (FSE:0BT1) (“BacTech” or the “Company”), a co
About this update from Bactech Environmental Corp.
[{"type":"text","content":"TORONTO, ON – TheNewswire - May10, 2022 – BacTech Environmental Corporation (CSE:BAC), (CNSX:BAC.CN), (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 the completion of a 2nd tranche of its private placement, further to the Company’s April 21 news release. In the second tranche, the Company issued 4,500,000 Units at a price of $0.20 per Unit for aggregate gross proceeds of $900,000. Additionally, a $1M convertible debenture was also closed with an existing strategic investor at $0.15 per share. Prior to this, gross proceeds of $1.21M were announced closed by the Company in its initial tranche. The Company is offering a $.20 unit comprised of one common share and one common share purchase warrant at $.30 for two years. The financing includes a 0.5% royalty for every $1M raised under the offering. The financing offers investors the chance to participate in a royalty directly as opposed to through the purchase of a royalty company’s shares. For illustration purposes, using $1900 gold price and 31,000 ounces gold per annum, a royalty would be $294,500 per $1M investment. After the investor has received a 200% after-tax return (based on a Canadian 25% tax on the payment) the royalty will be cancelled, and the investor will retain their common shares. About the Tenguel – Ponce Enriquez Bioleaching Project BacTech is planning to build a new owner-operated bioleaching facility in Tenguel, near Ponce Enriquez, Ecuador, in a region where arsenic is associated with gold ore (Arsenopyrite). The Company’s plan is to build a 50 tpd bioleach plant capable of treating high gold/arsenic material. A 50 tpd plant, processing feed of 1.75 ounces of gold per tonne, similar to feeds available to the Company from local miners, would produce approximately 31,000 ounces per year. Plant designs are modular and can be expanded without affecting ongoing production. The total concentrate market in the Ponce Enriquez area is estimated to be between 200 and 250 tonnes per day, allowing for increased throughput potential with a larger plant. Key economic highlights: Pre-tax NPV (Net Present Value with 5% discount rate) of $60.7M Pre-tax IRR...