BacTech Improves Balance Sheet
BacTech Takes Steps to Improve Balance Sheet
Reduces Debt by $1.65M
August 20, 2020 Toronto, Canada
BacTech Environmental Corporation (“BacTech” or the “Company”), (CSE:BAC,
OTC:BCCEF) today announced significant balance sheet improvements with respect
to outstanding debt obligations.
“Management of the Company, who have been accruing salaries for over 3 years,
have agreed to a voluntary forgive the indebtedness from accruing compensation
owing to them as of June 30th, 2020 ($1.244M). In its place BacTech will issue 2.5M
stock options exercisable at $0.05 for 10 years to certain employees and
consultants who forfeited their compensation.” stated Ross Orr, President and
CEO.
In addition, an arm’s length holder of $200,000 face value of debentures that
mature in August ($100,000) and September ($100,000) requested that the
Company issue 5,076,260 common shares at a deemed price of $0.05 per share to
eliminate their $253,813 debenture and the accrued interest as of August 15, 2020.
A second arm’ s length debenture holder has agreed to convert 50% of their
$175,000 debenture holdings into common shares and 100% of the accrued
interest at $0.05 per share. These transactions will result in the issuance of
3,083,340 common shares and reduces $154,167 in debenture and interest owing.
All common shares issued through these transactions will be subject to a 4 month
hold period effective August 1 7th, 2020. Both of these conversions were at the
request of the holders.
The above agreements are subject to regulatory or CSE approval, if applicable,
and completing the required filings with the security exchange.
ABOUT BACTECH
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:
Robin Cook, Investor Relations: 416-809-1738, Email: [email protected]
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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 forw ard-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 inform ation, 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: 105,420,423