Tickers: XCNQ:BAC, PINX:BCCEF, XOTC:BCCEF
Tags: #Mining
May 1, 2019 / TheNewswire / Toronto, Canada - BacTech Environmental Corporation ("BacTech or the Company"),(CSE:BAC, OTC: BCCEF) today announced that it has raised CDN$150,000 via the issuance a Senior Bridge Loan.
The bridge loan is for one year and will pay 12% interest on redemption. In addition, the Company will issue a total of 750,000 common share purchase warrants with a two-year term and allow the holder to buy additional shares at $0.05 per share. The use of proceeds will be used to pay for completion of the feasibility study presently underway for the Telamayu Tailings project in Potosi, Bolivia as well as for general working capital. The feasibility study is expected to be released to the public in May.
The feasibility study will allow for BacTech to re-engage certain companies and/or parties that have expressed an interest in financing the modernization of the existing facility. As previously reported, there is considerable infrastructure in place at Telamayu that has serviced the mill for the past 80 years. Included in the infrastructure is the mill housing, a railway line to a port on the coast of Chile, a power substation and a local workforce. All of the above will reduce the capital requirements compared to a building a greenfield project.
Company Overview
The Telamayu project involves the environmental remediation of the "Antiguo" tailings with an option on the larger "Nuevo" tailings, both situated at the Telamayu Mill site near the town of Atocha in the Department of Potosi, Bolivia.
The existing Telamayu mill concentrator has generated the Antiguo and Nuevo tailings by processing mineralized material from the surrounding mines for over 80 years. There is considerable infrastructure at the mill site including high voltage power, rail, mill housing, and a local workforce. A Feasibility Study is expected to be completed in May 2019.
A second project entails BacTech investigating the use of bioleach processing to treat historic arsenic tailings and arsenopyrite concentrates produced in the Ponce Enriquez area of Southern Ecuador.
For further information contact: Ross Orr, President & CEO, BacTech Environmental Corporation/ 416-813-0303 ext. 222, Cell 416-346-5529 and
Robin Cook, Investor Relations: 416-809-1738, Email: robin@frontiermcg.com
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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 using 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 because 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: 98,903,756
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.
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