VANCOUVER, Dec. 9 /CNW/ - BIOTEQ Environmental Technologies Inc. (BQE:TSX-V) (the "Company") is pleased to announce, further to its news release of November 10, 2005, that it has closed its private placement of 6,388,888 units (the "Units") at a price of $0.90 per unit for gross proceeds of $5,749,999.20. Each Unit is comprised of one common share in the capital of the Company and one-half of one transferable share purchase warrant with each whole warrant entitling the holder to acquire one additional common share for a period of two years from December 8, 2005 at a price of $1.25 per share. The proceeds of the offering are to be used by the Company for its corporate working capital purposes. Canaccord Capital Corporation and Canaccord International Ltd. acted as the Company's agents (collectively, the "Agents") for the private placement and in consideration thereof the Company paid a cash commission of 8% of the gross proceeds raised, an administration fee of $5,000 plus reimbursement of expenses and issued 115,000 common shares along with warrants to purchase an additional 115,000 common shares for a period of two years from December 8, 2005 at an exercise price of $1.25 per share and issued an Agents' option to purchase up to 638,888 common shares in the capital of the Company for a period of two years from December 8, 2005 at an exercise price of $0.90 per share. Each of the shares comprising the Units and shares issued to the Agents (along with any additional shares which may be acquired upon the exercise of warrants issued to the purchasers of the private placement and the Agents and upon the exercise of the Agents' Option) are subject to a hold period under applicable securities legislation which expires April 9, 2006. Corporate Profile ----------------- 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