BAC BacTech Environmental Corporation

BacTech Environmental Corporation ("BacTech" or the "Company")
(CNSX:BAC)(WKN:A1H4TY) announces that it has closed the first tranche of its
convertible debenture financing announced on April 19th, 2012.


BacTech has received a total of $425,000 in subscriptions as of today. A second
closing is expected early next week for the balance. The financing consists of
units priced at $10,000 per unit. Each unit consists of a $10,000 principal
amount redeemable convertible debenture and 50,000 Series E common share
purchase warrants. The debentures will bear interest at 12 per cent per annum
payable quarterly. The term of the debenture is 2 years. BacTech has the option
to redeem the debentures at par at any time beginning 120 days from issuance. At
any time prior to maturity or redemption the debentures are convertible at the
option of the holder into common shares at a conversion price of $0.20. Each
Series E warrant entitles the holder to purchase one common share at a price of
$0.20 for a period of 2 years from closing. The debentures and warrants and the
common shares issuable upon conversion of the debentures and exercise of the
warrants will be subject to a 4 month hold period from the closing of the
financing.


BacTech has paid finder's fees totaling $24,000 cash and 150,000 finder's
warrants to arm's length parties who introduced subscribers for the units in
this first closing. Each finder's warrant is exercisable for one common share at
$0.20 each for a period of 2 years from closing.


BacTech profile

BacTech Environmental holds the perpetual, exclusive, royalty-free rights to use
the patented BACOX bioleaching technology for the reclamation of tailings and
mining waste materials. In November, BacTech signed a contract with the Mines
Branch of the Manitoba Department of Innovation, Energy and Mines, to remediate
an arsenopyrite gold stockpile situated at the Snow Lake Mine in Snow Lake,
Manitoba. The Company continues to field enquiries globally with respect to
additional opportunities for remediation.


Shares outstanding 39,088,361

BacTech Environmental (CSE:BAC)
Historical Stock Chart
From Jun 2024 to Jul 2024

BacTech Environmental (CSE:BAC)
Historical Stock Chart
From Jul 2023 to Jul 2024