BacTech Annual Statements; Arranges Private Placement
May 07 2014 - 1:06PM
Marketwired
BacTech Annual Statements; Arranges Private Placement
TORONTO, CANADA--(Marketwired - May 7, 2014) - BacTech
Environmental Corporation ("BacTech")
(CSE:BAC)(OTC:BCCEF)(WKN:A1H4TY) today announced that it did not
file its annual financial statements and related filings within the
period prescribed for filing of such documents for 2013.
The Company is
working diligently to rectify this situation. With this in mind,
BacTech has arranged, via private placement, a CAD$75,000, unit
financing that will allow for completion of the annual financials
by its auditors, MNP LLP. It is expected that the filing of the
annual statements will be completed before May 15, 2014.
The private
placement consists of a unit containing one (1) common share and
(1) common share purchase warrant priced at CAD$0.01 per unit. Each
common share warrant will allow the holder to purchase an
additional common share in the Company at CAD$0.05 for a period of
(3) three years from the date of closing of the private
placement.
BacTech will
continue to undertake flotation and gravity test work for its
Bolivian tailings project. The Company feels this project offers
BacTech the best opportunity to obtain near term cash flow at this
time.
BacTech Profile
BacTech
Environmental Corporation 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 2011, 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.
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Special Note
Regarding Forward-Looking Statements
This news
release contains "forward-looking information", which may include,
but is not limited to, statements with respect to future tailings
sites, sampling or other investigations of tailing sites, the
Company's ability to make use of infrastructure around tailings
sites or operating performance of the Company and its projects.
Often, but not always, forward-looking statements can be identified
by the use of words such as "plans", "expects", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates", or believes" or variations (including negative
variations) of such words and phrases, or state that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved. Forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Forward-looking statements contained
herein are made as of the date of this news release and the Company
disclaims, other than as required by law, any obligation to update
any forward-looking statements whether as a result of new
information, results, future events, circumstances, or if
management's estimates or opinions should change, or otherwise.
There can be no assurance that forward-looking statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, the reader is cautioned not to place undue reliance on
forward-looking statements.
Shares outstanding
49,755,027
The Canadian
Securities Exchange (CSE) has not reviewed and does not accept
responsibility for the adequacy or the accuracy of the contents of
this release.
BacTech Environmental CorporationRoss OrrPresident &
CEO416-813-0303 ext 222416-596-9840info@bactechgreen.comBacTech
Environmental CorporationBill MitoulasInvestor
Relations416-479-9547416-596-9840bmitoulas@bactechgreen.comwww.bactechgreen.com
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