BacTech Annual Statements; Arranges Private Placement
May 07 2014 - 12:06PM
Marketwired Canada
BacTech Environmental Corporation ("BacTech") (CSE:BAC)(OTC:BCCEF)(WKN:A1H4TY)
today announced that it did not file its annual financial statements and related
filings within the period prescribed for filing of such documents for 2013.
The Company is working diligently to rectify this situation. With this in mind,
BacTech has arranged, via private placement, a CAD$75,000, unit financing that
will allow for completion of the annual financials by its auditors, MNP LLP. It
is expected that the filing of the annual statements will be completed before
May 15, 2014.
The private placement consists of a unit containing one (1) common share and (1)
common share purchase warrant priced at CAD$0.01 per unit. Each common share
warrant will allow the holder to purchase an additional common share in the
Company at CAD$0.05 for a period of (3) three years from the date of closing of
the private placement.
BacTech will continue to undertake flotation and gravity test work for its
Bolivian tailings project. The Company feels this project offers BacTech the
best opportunity to obtain near term cash flow at this time.
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 49,755,027
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
BacTech Environmental Corporation
Ross Orr
President & CEO
416-813-0303 ext 222
416-596-9840 (FAX)
info@bactechgreen.com
BacTech Environmental Corporation
Bill Mitoulas
Investor Relations
416-479-9547
416-596-9840 (FAX)
bmitoulas@bactechgreen.com
www.bactechgreen.com
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