Bactech Environmental Closes First Tranche of Convertible Debenture
TORONTO, CANADA -- (Marketwire) -- 04/25/12 -- 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
The 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.
Contacts:
BacTech Environmental Corporation
Ross Orr
President & CEO
416-813-0303 ext 222
info@bactechgreen.com
BacTech Environmental Corporation
Bill Mitoulas
Investor Relations
416-479-9547
billm@bactechgreen.com
www.bactechgreen.com
