BM BC Moly Ltd

BacTech Mining Corporation ("BacTech" or the "Company") (TSX VENTURE:BM)
announces that it has closed the private placement originally announced on July
15, 2010, for total gross proceeds of $2 million. The placement consisted of
26,663,333 units (the "Private Placement Units") priced at $0.075 per unit. Each
Private Placement Unit consists of one common share and one Series A Warrant.
Each Series A Warrant is exercisable for one additional common share at a price
of $0.105 per share until August 6, 2013. In connection with the offering,
BacTech will pay to arm's length parties finder's fees totaling $3,125.00. 


The Company also announces the closing of the subscription receipt conversion
originally reported on June 23, 2010. All of the arm's length participants who
invested in the subscription receipts agreed to accept, in satisfaction of the
Company's obligations under the subscription receipts, units of BacTech (the
"Exchange Units") at an effective price of $0.05 per unit (20,500 Exchange Units
per subscription receipt). Each Exchange Unit consists of one common share and
one Series B Warrant exercisable at $0.10 until July 17, 2015. A total of 830
subscription receipts were satisfied by the issuance of 17,015,000 common shares
and 17,015,000 Series B Warrants of BacTech. 


Pursuant to the private placement, Yamana Gold Inc. ("Yamana") acquired
ownership and control over 13,333,333 Private Placement Units for an aggregate
purchase price of $1 million, representing approximately 10.03% of BacTech's
outstanding common shares on the closing of the private placement, on an
undiluted basis, and approximately 20.06% assuming only Yamana exercises its
13,333,333 Series A Warrants. Yamana did not own any securities of BacTech prior
to the acquisition of the Private Placement Units. The Private Placement Units
are held by Yamana for investment purposes only. Yamana does not own or control
any securities of BacTech nor is Yamana a joint actor with another entity.
Yamana expects to acquire additional common shares of BacTech in the future, as
further detailed in Yamana's early warning report. Yamana is a Canadian-based
gold producer with significant gold production, gold development stage
properties, exploration properties and land positions in Brazil, Argentina,
Chile, Mexico and Colombia. 


In addition, Baker Steel Resources Trust Ltd. ("Baker Steel") of London,
England, purchased 6,666,667 Private Placement Units for $500,000, and received
10,250,000 Exchange Units in satisfaction of 500 subscription receipts. Baker
Steel, and other entities under common management with Baker Steel, now hold
approximately 18.2% of outstanding shares of BacTech on an undiluted basis.
Baker Steel Capital Managers is a specialist investment manager in the natural
resources and gold sector.


The Private Placement Units and the Exchange Units, as well as the underlying
securities, are subject to a four-month hold period that expires December 7,
2010.


BacTech will now focus on its corporate reorganization. The ultimate result will
be separate companies for two operating segments, namely, the use of bioleaching
to liberate gold and base metals from primary mining, and, secondly, the use of
bioleaching for the remediation of mine tailings. 


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 initial focus is the acquisition of equity positions
in projects amenable to bioleaching.


Shares outstanding 132,943,039

BC Moly (TSXV:BM)
Historical Stock Chart
From May 2024 to Jun 2024

BC Moly (TSXV:BM)
Historical Stock Chart
From Jun 2023 to Jun 2024