VANCOUVER, Nov. 10 /CNW/ - BIOTEQ Environmental Technologies Inc.
(BQE:TSX-V) ("BioteQ") is pleased to announce that it has negotiated, subject
to regulatory approval and formal documentation, a brokered private placement
with Canaccord Capital Corporation ("Canaccord") to raise up to $5,000,000,
with an over-allotment option of up to an additional 15%, on a commercially
reasonable efforts basis. Funds will be raised through the sale of units to
purchasers in British Columbia, Alberta and Ontario and in such other
jurisdictions in Canada and outside Canada, which are agreed to by the Company
and Canaccord. The placement will be for 5,555,555 units at a price of $0.90
per unit. Canaccord will be entitled to increase the offering size by up to an
additional 833,333 units. Each unit will comprise one Common Share and one
half of one transferable Common Share Purchase Warrant ("Warrant"). Each whole
Warrant will entitle the holder to acquire one additional Common Share for a
period of two years from closing at a price of $1.25 per common share. The
proceeds of this offering will be used for working capital purposes.
Corporate Profile
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BioteQ is establishing itself as a leader in the treatment of acid
contaminated water through the use of its patented BioSulphide(R) Process.
Focused on the mining industry, BioteQ has partnered with leading metal
producers including Phelps Dodge, Breakwater and Falconbridge as well as
utilities operator EPCOR Water Services, to finance, design, build and operate
mine site water treatment plants which recover saleable metals in addition to
meeting ever stricter environmental regulations.
On behalf of the Board of Directors
Brad Marchant
