Offering funds Snow Lake project, general working capital, test work
By Devika Patel
Knoxville, Tenn., June 30 - BacTech Environmental Corp. said it raised C$500,000 in the first tranche of a C$3 million private placement of units. The deal priced June 1. Given the difficult market conditions, the company said, BacTech will consider raising less money than was originally planned.
The company is selling 15 million units of one common share and a half-share warrant at C$0.20 apiece. It sold 2.5 million units in the initial tranche.
Each whole warrant is exercisable at C$0.30 for one year. The strike price reflects a 50% premium to the closing share price of C$0.20 on May 31.
The second closing will be on July 15.
Proceeds will be used for the Snow Lake project, general working capital and test work.
Toronto-based BacTech Environmental holds the exclusive rights to use the patented Bacox bioleaching technology for reclamation of tailings and mining waste materials.
| Issuer: | BacTech Environmental Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$3 million
|
| Units: | 15 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.30
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| Pricing date: | June 1
|
| Settlement dates: | June 30 (for C$500,000), July 15
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| Stock symbol: | CNSX: BAC
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| Stock price: | C$0.20 at close May 31
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