TORONTO, ONTARIO--(Marketwire - June 1, 2011) - BacTech Environmental Corporation ("BacTech" or the "Company") (CNSX:BAC) announces that it intends to raise up to $3,000,000 by way of a private placement of common share units.
BacTech will issue up to 15,000,000 units at $0.20 per unit. Each unit will consist of one common share and one-half of a Series B common share purchase warrant. Each whole Series B warrant will entitle the holder to purchase one common share at a price of $0.30 for a period of one year from the date of issue. The common shares and warrants will be subject to a four month hold period.
In connection with the private placement, finder's fees of 6% cash and 6% finder's warrants may be paid to arm's length parties who introduce subscribers for the units. Each finder's warrant will be exercisable for one common share at $0.20 for a period of two years from closing.
The proceeds of the private placement will be used for the Snow Lake project in Manitoba, general working capital, and ongoing test work.
BacTech Environmental Profile
BacTech Environmental was created through a Plan of Arrangement completed on December 2, 2010, whereby shareholders of the former BacTech Mining Corporation, renamed REBgold Corporation, were issued, in exchange for their BMC shares, 1 share of REBgold Corporation and 1/5th of one share of BacTech Environmental. BacTech Environmental holds the exclusive rights to use the patented BACOX bioleaching technology for reclamation of tailings and mining waste materials.
Shares outstanding 34,978,361The Canadian National Stock Exchange (CNSX) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.