BacTech Will Pay Off $3 Million Debenture With $400,000 Worth Of Cash Or Stock, Releases Upcoming PP Terms

BacTech Mining Corporation, a company that uses bacteria to enhance recovery of gold, silver and base metals, has announced terms for an upcoming private placement. Gross proceeds will be up to $750,000 through selling units at 4 cents per unit. Each unit will contain a common share and a purchase warrant. The warrants last two years, with exercise price of 7 cents in their first year and 10 cents in their second. In addition, the company has also announced that it has agreed to pay off a $3 million debenture series for $400,000 in cash or stock. Completion of the PP, which is still subject to regulatory approval, may be necessary to follow through on the payoff of the debentures. In addition to further details, the news release adds that BacTech's new management plans to gets its currently stalled projects up and running.

Bac-Tech closed last Friday at that same 4 cents, up 0.5 cents on the day. Currently, the bid - ask is 3.5 cents - 4 cents.

The company's Google Finance web page is here.

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