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BacTech Closes Private Placement; Proposes Change in Board
|By Marketwired .
|May 23, 2014 12:54 PM EDT
TORONTO, CANADA -- (Marketwired) -- 05/23/14 -- BacTech Environmental Corporation ("BacTech") (CSE: BAC)(OTC: BCCEF)(WKN: A1H4TY) BacTech Environmental Corporation announced today the closing of a non-brokered private placement of units in the Company.
The private placement consists of a 7,000,000 unit financing at $0.01. Each unit contains one (1) common share of the Company and one (1) common share purchase warrant. A full warrant enables the holder to purchase an additional common share at $0.05 for a period of 3 years. Total gross proceeds for the private placement were $70,000.
The Company also announced that it has completed and filed its annual financial statements and related Management Discussion and Analysis ("MD&A") for the year ended December 31, 2013. The Company's common shares have resumed trading.
In addition, the Company has been informed by Elina Gerasimovskaya, Option Three's board representative, that she will not stand for re-election to the board of directors at the Company's annual general meeting ("AGM") slated for June 26, 2014. BacTech would like to thank Elina for her contributions to the Company and wishes her well in her future endeavours. In her place, Option Three has proposed the election of the Hon. Tim Lewin to replace Ms. Gerasimovskaya. The shareholders will be asked to confirm Mr. Lewin's nomination at the AGM.
Since 1980, Tim Lewin has been involved in all aspects of development of new markets with an accent to financial services in Russia, Ukraine, Kazakhstan, Azerbaijan and Uzbekistan. Mr. Lewin is also a founding partner of FRA that renders project consulting services on behalf of the Government of Great Britain for all former Soviet countries and Indonesia. Total value of the investments arranged by Mr. Lewin to-date is over 2 billion dollars. From 2001 to-date Mr. Lewin has been a director of SRA, Ltd. Since 2009 M. Lewin is a member of IB2F council, Venture Fund, who participate in development of alternative energy and high technologies in Europe and USA.
BacTech Environmental Corporation 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 2011, 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.
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Special Note Regarding Forward-Looking Statements
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to future tailings sites, sampling or other investigations of tailing sites, the Company's ability to make use of infrastructure around tailings sites or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Shares outstanding 56,755,027
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
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