|By Marketwired .||
|May 7, 2014 01:07 PM EDT||
TORONTO, CANADA -- (Marketwired) -- 05/07/14 -- 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 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.