BacTech Provides Update on Reg "A" Filing
June 2, 2020 - TheNewswire - Toronto, Canada - BacTech Environmental Corporation ("BacTech" or the "Company"), (CSE:BAC), (CNSX:BAC.CN), (OTC:BCCEF) today announced an update for its' previously announced filing of a US$1M Regulation "A" exemption financing in the United States (PR April 2, 2020).
The Company has recently filed its 2019 Annual Financial Statements in Canada, and is in the process of filing a US compliant version with the SEC.
"The completion of our annual audit was needed to accompany the Reg "A" application. We will add these numbers into the offering statement following US protocol" said Ross Orr, President and CEO of BacTech.
Regulation "A" is an exemption from registration requirements--instituted by the US Securities Act--that applies to public offerings of securities that do not exceed $50 million in any, one-year period. Companies utilizing the Regulation "A" exemption must still file offering statements with the Securities Exchange Commission ("SEC"). However, the companies utilizing the exemption are given distinct advantages over companies that must fully register.
The Regulation "A" financing format will allow for BacTech to draw down specific tranches of the proposed financing to match the Company's progress as it moves towards construction of a bioleach plant planned for Ponce Enriquez in southern Ecuador. Following the anticipated SEC qualification of the proposed Reg "A" financing, BacTech plans to raise up to US$1M over the proceeding 12 months. BacTech will draw down the capital on an "as needed basis" within the context of the market at the time.
BacTech is investigating the prospects of building a 40 tons per day, bioleach plant in Ponce Enriquez to process concentrates that contain high levels of arsenic. Presently, high arsenic concentrates are sold to smelters in Asia at severely reduced prices due to the arsenic contamination. BacTech hopes to offer better prices and payment options to the local miners to encourage them to sell their product locally for processing.
The initial step will be bioleach test work on samples from up to five different mines/concentrators in the Ponce Enriquez area of southern Ecuador. Bioleach test work carried out in 2019 on material from Ponce Enriquez focused on the stabilization of arsenic contained in the concentrates. Over 99% of the arsenic was stabilized as ferric arsenate.
BacTech is promoting the use of its proprietary bioleach processing technology to treat historic arsenopyrite concentrates and tailings produced in the Ponce Enriquez area of Southern Ecuador.
BacTech has agreed to participate with a group looking to reprocess the Arsenic Stockpile in Snow Lake, Manitoba as a technology partner.
For further information contact: Ross Orr, President & CEO, BacTech Environmental Corporation/ 416-813-0303 ext. 222, Cell 416-346-5529 and Email: email@example.com
Robin Cook, Investor Relations: 416-809-1738, Email: firstname.lastname@example.org
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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.
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