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Message: BacTech Mining Corporation Obtains Shareholder Approval for Plan of Arrangement
Toronto, Canada, November 12, 2010 - BacTech Mining Corporation
("BacTech" or the "Company", TSX.V: BM) announced that shareholders of
the Company have approved the Plan of Arrangement involving the
Company, its subsidiary, BacTech Environmental Corporation ("BacTech
Environmental"), and shareholders of the Company.
At a special meeting of shareholders held earlier today, shareholders
of the Company approved the Arrangement, with 99.9% of the votes cast
being in favour. Shareholders also approved (i) the change of name of
the Company to REBgold Corporation, (ii) an amendment to the by-laws of
the Company to eliminate the requirement that a majority of directors
be resident Canadians, and (iiii) the adoption by BacTech Environmental
of a stock option plan. Details of the Plan of Arrangement and each of
the other matters approved at the shareholders' meeting are set out in
the management information circular of the Company dated October 14,
Ross Orr, President and CEO of the Company, said "We are very pleased
by the overwhelming support for the Arrangement transaction from the
shareholders of the Company. The transfer of the Company's
environmental remediation business into BacTech Environmental will
facilitate the funding and development of that business, as well as the
Company's mining technology business, which will continue under the
name REBgold Corporation."
Completion of the Arrangement requires the approval of the Superior
Court of Justice (Ontario) and satisfaction of certain other conditions
precedent. A hearing by the Superior Court of Justice (Commercial
List) is scheduled to be held on November 25, 2010.
Assuming court approval is obtained and all other conditions precedent
are satisfied, it is expected that the Arrangement and the change of
name of the Company to REBgold Corporation will occur on or about
November 30, 2010. It is expected that REBgold Corporation will
continue to trade on the TSX Venture Exchange under the symbol "RBG",
and that BacTech Environmental will trade on the Canadian National
Stock Exchange (CNSX) under the symbol "BAC".
Going forward, the Directors of REBgold Corporation will be Mark
Burridge, Ross Orr, Stephen Fabian and Peter Secker. The Directors of
BacTech Environmental will be John Gingerich, Ross Orr, Walter Cimowsky
and Jay Naster.
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 technology can be applied to the processing
of concentrates generated from mining, as well as from the reclamation
of mine tailings.
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For further information contact:
Ross Orr, President & CEO: 416-813-0303 ext 222
Email: [email protected]
Shares outstanding 133,600,039
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.
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