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Message: Amends Financing Terms
| March 16, 2009 |
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BacTech Amends Financing Terms
Company reaches agreement on CAD$3M Debenture |
| TORONTO, ONTARIO--(Marketwire - March 16, 2009) - BacTech Mining Corporation ("BacTech" or the "Company")(TSX VENTURE:BM) announced today that it has revised its proposed private placement dated February 9, 2009. BacTech will now raise up to $750,000 through a unit financing priced at $0.04 per unit. The unit consists of one common share and one common share purchase warrant. One warrant and $0.07 will purchase an additional common share for a period of one year from closing and $0.10 for the second year from closing. The units will be sold on a non-brokered basis, but a finder's fee in the amount of 8% may be paid on closing to arm's length parties. Completion of the private placement is subject to the approval of the TSX Venture Exchange. BacTech has reached an agreement to fully settle a CAD$3 million debenture for CAD$400,000, to be paid in cash or through the issuance of common shares of BacTech. An initial closing may be held to allow BacTech to issue the funds to the lender. "This is the last and largest overhang inherited from the previous management. We are pleased that we can now look forward to developing the Cobalt mine tails reclamation project in Northern Ontario, the gold project in Papua New Guinea, and other projects we are currently evaluating, without this obligation hanging over our heads," said Ross Orr President and CEO of BacTech. BacTech is preparing to begin in April its environmental baseline sampling at the Castle Mine tailings as part of obtaining the necessary permits for the proposed bioleach plant in Cobalt, Ontario. In addition, the Company will be holding a public forum in Cobalt on April 23rd as part of its commitment to keeping the local residents informed of the project's progress. 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 June 2008, the Company signed an agreement to acquire Yamana Gold Inc.'s 33% interest in two refractory gold deposits in Papua New Guinea. 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 61,107,206 |
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