BacTech Closes Financing
Pursuant to the financing, BacTech issued 850 Subscription Receipts at a price of $1,000 each, raising gross proceeds of $850,000. Upon completion of the planned corporate reorganization (the "Reorganization"), as previously reported on January 12, 2010, the Subscription Receipts will be automatically exchanged for that number of BacTech Gold Corporation ("BGC") shares that represent 25.5% of the outstanding BGC Shares immediately after the transaction (which number is expected to be approximately 10.25 million BGC Shares), together with 8.5 million warrants of BGC (the "BGC Warrants"). Each BGC Warrant will be exercisable for one BGC Share at a price of $0.10 per share for 18 months. BacTech will also pay to the holders of the Subscription Receipts interest at the rate of 10% per annum for the period from the date of closing of the Subscription Receipt financing to the effective date of the Reorganization. In the event the Reorganization is not completed within six months, BacTech will be obligated to repay the subscription price for the Subscription Receipts, together with interest at the rate of 10% per annum, and issue to the holders an aggregate of 6,800,000 BacTech warrants exercisable at $0.10 per share for 18 months.
Insiders of BacTech subscribed for $20,000 of the financing. The Subscription Receipts and the underlying securities are subject to a hold period that is four months and a day after the later of (i) March 4, 2010, and (ii) the date BacTech Gold Corporation becomes a reporting issuer in any province or territory.
In connection with the Subscription Receipt financing, and subject to approval by the Exchange, a finder's fee of $6,250 will be paid to an arm's length party.
Proceeds of the financing will be used to fund ongoing test work underway on various projects such as the Lichkvaz-Tey gold deposit in Armenia and a project under evaluation in Guatemala, together with the costs associated with the Reorganization.
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 January the Company announced its intention to effect a divisive reorganization whereby BacTech will transfer all of its interests in mining projects and the rights to its bioleaching technology to a wholly-owned subsidiary. The common shares of the subsidiary will be distributed to the shareholders of BacTech upon completion of the reorganization. BacTech will hold an exclusive and perpetual right to use the bioleaching technology for projects related to environmental remediation of mine tailings.
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For further information contact:
Ross Orr, President & CEO: 416-813-0303 ext 222
Shares outstanding 89,264,706
BacTech Appoints Goldco Director
Mr. Burridge will work closely with existing BacTech personnel to oversee the corporate and project development activities required to establish Goldco as a recognized industry participant. Other key BacTech personnel involved with Goldco include Ross Orr, President & CEO and another intended Director of Goldco, Lou Nagy, Chief Financial Officer, Dr. Paul Miller, Vice President Technology & Engineering, Dr. Junxiang Guo, Vice President Metallurgy, and Peter Secker, Director of Projects and Engineering.
Mr. Burridge has over 20 years' experience in the metals and mining industry. His management experience includes corporate restructuring, mine development and operations, M&A and financings. Most recently, he was CEO of Cambrian Mining Plc up until its acquisition by Western Canadian Coal. Prior to this, he was Managing Director at Hatch Corporate Finance, a corporate finance advisory firm. Earlier experience includes positions with Merrill Lynch, where he was a ranked Analyst, and with Barrick Gold Corporation, as a Geological Engineer. He has a degree in Mining Geology and is a Chartered Financial Analyst.
"I am pleased we have been able to attract an individual who has a proven track record in finance and mine development. I believe Mark shares our vision of what can be achieved using our technology to leverage entry into mining projects in a cost effective manner," said Ross Orr.
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 January the Company announced its intention to effect a divisive reorganization whereby BacTech will transfer all of its interests in mining projects and the rights to its bioleaching technology to a wholly-owned subsidiary. The common shares of the subsidiary will be distributed to the shareholders of BacTech upon completion of the reorganization. BacTech will hold an exclusive and perpetual right to use the bioleaching technology for projects related to environmental remediation of mine tailings.
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For further information contact:
Ross Orr, President & CEO: 416-813-0303 ext 222
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.
BacTech Increases Financing
BacTech announced on February 18, 2010, that it planned to sell a 22.5% interest in its wholly-owned subsidiary, BacTech Gold Corporation, to outside investors for $750,000. The increase in the financing will now result in BacTech selling 25.5% of the subsidiary.
Pursuant to the financing transaction, BacTech will now issue 850 Subscription Receipts at a price of $1,000 each, to raise gross proceeds of $850,000. Upon completion of the Reorganization, the Subscription Receipts will be automatically exchanged for that number of BGC Shares which will represent 25.5% of the outstanding BGC Shares immediately after the transaction (which number is expected to be approximately 10.25 million BGC Shares), together with 8.5 million warrants of BGC (the "BGC Warrants"). Each BGC Warrant will be exercisable for one BGC Share at a price of $0.10 per share for 18 months. BacTech will also pay to the holders of the Subscription Receipts interest at the rate of 10% per annum for the period from the date of closing of the Subscription Receipt financing to the effective date of the Reorganization. In the event the Reorganization is not completed within six months, BacTech will be obligated to repay the subscription price for the Subscription Receipts, together with interest at the rate of 10% per annum, and issue to the holders an aggregate of 6,800,000 BacTech warrants exercisable at $0.10 per share for 18 months.
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 January the Company announced its intention to effect a divisive reorganization whereby BacTech will transfer all of its interests in mining projects and the rights to its bioleaching technology to a wholly-owned subsidiary. The common shares of the subsidiary will be distributed to the shareholders of BacTech upon completion of the reorganization. BacTech will hold an exclusive and perpetual right to use the bioleaching technology for projects related to environmental remediation of mine tailings.
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For further information contact:
Ross Orr, President & CEO: 416-813-0303 ext 222
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.
BacTech Appoints Vice President, Metallurgy
A metallurgist by training, Dr. Guo has 15 years of experience in applied research, operations and project management. His operational experience includes Red Lake Mine in Canada, Shandong MIC BioGold in China, and Zeravshan Gold Company in Tajikistan. He formerly served as the Vice President - Marketing with Process Research ORTECH in Mississauga, Canada, and as the Technical Director at Zijin Mining Metallurgical Technologies Ltd. in Xiamen, China. Dr.Guo holds a Ph.D. degree in mineral processing from Queen's University in Canada.
"Dr. Guo has been an integral part of the operations team at the Shandong Biogold plant in China. He will be working closely with Dr. Paul Miller, Vice President of Technology & Engineering, and this will significantly expand our ability to evaluate projects for acquisition," said Ross Orr, President and CEO of BacTech.
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 January the Company announced its intention to effect a divisive reorganization whereby BacTech will transfer all of its interests in mining projects and the rights to its bioleaching technology to a wholly-owned subsidiary. The common shares of the subsidiary will be distributed to the shareholders of BacTech upon completion of the reorganization. BacTech will hold an exclusive and perpetual right to use the bioleaching technology for projects related to environmental remediation of mine tailings.
For further information contact:
Ross Orr, President & CEO: 416-813-0303 ext 222
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.
BacTech Announces Financing
The financing is being carried out in anticipation of the corporate reorganization of BacTech described in the press release dated January 12, 2010 (the "Reorganization"). Pursuant to the Reorganization, BacTech will transfer to its wholly-owned subsidiary, BacTech Gold Corporation ("BGC") all of BacTech's interests in mineral exploration properties, together with the rights to BacTech's proprietary bioleaching processes as they apply to primary mineral processing. BacTech will then distribute to its shareholders common shares of BGC ("BGC Shares"), on the basis of one BGC Share for each three BacTech shares. Based on the number of common shares of BacTech currently outstanding, approximately 30 million BGC Shares would be distributed. The Reorganization is subject to approval by the shareholders of BacTech and the TSX Venture Exchange, and there is no assurance that the Reorganization will be completed.
Pursuant to the financing transaction, BacTech will issue 750 Subscription Receipts at a price of $1,000 each, to raise gross proceeds of $750,000. Upon completion of the Reorganization, the Subscription Receipts will be automatically exchanged for that number of BGC Shares which will represent 22.5% of the outstanding BGC Shares immediately after the transaction (which number is expected to be approximately 8.7 million BGC Shares), together with 7.5 million warrants of BGC (the "BGC Warrants"). Each BGC Warrant will be exercisable for one BGC Share at a price of $0.10 per share for 18 months. BacTech will also pay to the holders of the Subscription Receipts interest at the rate of 10% per annum for the period from the date of closing of the Subscription Receipt financing to the effective date of the Reorganization. In the event the Reorganization is not completed within six months, BacTech will be obligated to repay the subscription price for the Subscription Receipts, together with interest at the rate of 10% per annum, and issue to the holders an aggregate of 6,000,000 BacTech warrants exercisable at $0.10 per share for 18 months.
In connection with the Subscription Receipt financing, and subject to approval by the Exchange, a finder's fee of 5% cash may be paid to certain arm's length parties. Insiders of BacTech may subscribe for up to $100,000 of the financing.
Proceeds will be used to fund ongoing test work that BacTech has underway on various projects such as the Lichkvaz-Tey gold deposit in Armenia and a project under evaluation in Guatemala, together with the costs associated with the Reorganization.
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 January the Company announced its intention to effect a divisive reorganization whereby BacTech will transfer all of its interests in mining projects and the rights to its bioleaching technology to a wholly-owned subsidiary. The common shares of the subsidiary will be distributed to the shareholders of BacTech upon completion of the reorganization. BacTech will hold an exclusive and perpetual right to use the bioleaching technology for projects related to environmental remediation of mine tailings.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur.
Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.
These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other ecological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors described in the section entitled "Risks" in the Company's Management Discussion and Analysis for the Year Ended December 31, 2008. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.
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For further information contact:
Ross Orr, President & CEO: 416-813-0303 ext 222
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.