February 2, 2021 –TheNewswire -Toronto, Canada – BacTech Environmental Corporation (“BacTech or the Company”) (CSE:BAC) (OTC:BCCEF)(CNSX:BAC.CN)announced today that is has closed another tranche of its US Regulation “A” financing.
The financing was offered in parallel with a capital raise underway in Canada. This is the 2ndround of financing using the Regulation “A” exemption. In this round, the Company raised US$92,500 at US$0.015 through the issuance of 6,166,667 common shares. There were no warrants issued with the common stock.
The funds will be used to complete the bioleach test work planned for the samples collected from six mines in the Ponce Enriquez area of southern Ecuador. The test work is estimated to take approximately 5 months from inception.
BacTech is looking to close the Canadian equity offering this week which is raising up to $150,000 through the issuance of 5,000,000 shares at CDN$0.03 per common share.
In summary, BacTech is investigating the prospects of a build/own/operate bioleach facility to be based in Ponce Enriquez, Ecuador. The selection of Ponce Enriquez is driven by the extremely high levels of arsenic that is associated with gold in the +90 small mines in the area which attract high penalties in smelting . Presently, the miners are forced to sell their production at reduced prices to Asian buyers due to the high arsenic values in the concentrates and accept lower financial returns. BacTech proposes to pay better prices for the miners’ material, by eliminating penalties for arsenic, and process higher grade gold to reduce overall refining costs. This concept can be repeated in areas of Peru, Colombia and Central America where arsenic is known to exist alongside gold mining.The Company is also awaiting the reduction in government imposed Covid restrictions in Colombia where BacTech will investigate a gold/platinum tailings project.
For further information contact:
President & CEO, BacTech Environmental Corporation
416-813-0303 ext. 222,
Cell 416-346-5529 and
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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 using 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 because 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: 123,081,334
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