BacTech Closes Private Placement; Proposes Change in Board
24 May 2014 - 2:53AM
Marketwired
BacTech Closes Private Placement; Proposes Change in Board
TORONTO, CANADA--(Marketwired - May 23, 2014) - 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 Profile
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.
BacTech Environmental CorporationRoss OrrPresident &
CEO416-813-0303 ext 222416-596-9840info@bactechgreen.comBacTech
Environmental CorporationBill MitoulasInvestor
Relations416-479-9547416-596-9840bmitoulas@bactechgreen.comwww.bactechgreen.com
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