BacTech Closes Final Tranche of Private Placement
October 16 2009 - 3:00PM
Marketwired
BacTech Mining Corporation ("BacTech" or the "Company")(TSX
VENTURE: BM) today announced that it has closed the third and final
tranche of its non-brokered private placement announced September
10, 2009, for total gross proceeds from this tranche of $25,000.
All securities issued for the third tranche of the offering, and
the underlying securities, are subject to a four-month hold period
that expires February 16, 2010, with the one-year warrants expiring
October 15, 2010.
In total, BacTech issued 5,282,500 million units at $0.08 for
gross proceeds of $422,600. Each unit consists of one common share
and one half of a common share purchase warrant. A full warrant
entitles the holder to purchase one common share at $0.12 for a
period of one year from the date of closing.
In connection with the offering, BacTech will pay to an arm's
length party a finder's fee in the amount of $960.00. BacTech will
also issue 440,000 finder's warrants to an arm's length party who
assisted in the financing. The finder's warrants, exercisable at a
price of $0.08, have a one-year term expiring October 15, 2010, and
are subject to a four-month hold period that expires February 16,
2010. Two insiders participated in the private placement: Ross Orr,
President & CEO, purchased 312,500 units, and a Director,
Walter Cimowsky, purchased 100,000 units.
Completion of the private placement is subject to final approval
by the TSX Venture Exchange.
BACTECH PROFILE
BacTech owns patented bacterial oxidation technology for the
treatment of refractory ores and concentrates to enhance the
recovery of gold, silver and base metals. The Company's focus is
the acquisition of equity positions in projects amenable to
bioleaching. In September 2008, BacTech signed an MOU to
investigate the use of bioleaching to reprocess arsenic-laden
tailings in Cobalt, Ontario. This is the Company's first foray into
the cleantech industry. BacTech is continuing to evaluate
additional remediation projects.
Shares outstanding 89,264,706
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: BacTech Mining Corporation Ross Orr President &
CEO 416-813-0303 ext 222 www.bactech.com
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