April 23, 2009 (FinancialWire) — BacTech Mining Corp. (OTC: BMCFF) (TSX: BM) said that it has received commitments for $200,000 for a private placement of common share units at a price of $0.05 per unit.

Under the terms, a unit consists of one common share and one common share purchase warrant with a two-year exercise period. Each warrant entitles the holder to acquire one common share at a price of $0.07 per share during the first year of the two year exercise period, and at a price of $0.10 per share during the second year.

The units will be sold on a non-brokered basis.

The $200,000 raising is in addition to a $750,000 financing the company closed on April 14. Pinetree Capital subscribed for $100,000 of the financing.

BacTech will use the proceeds to begin an environmental assessment study near Cobalt, Ontario, for the company’s Castle Mine tailings project, and for general working capital.

Toronto-based BacTech owns bacterial oxidation technology for the treatment of refractory ores and concentrates to enhance the recovery of gold, silver and base metals. The company’s focus is the acquisition of equity positions in projects amenable to bioleaching.

In June 2008, BacTech signed an agreement to acquire Yamana Gold Inc.’s 33% interest in two refractory gold deposits in Papua New Guinea. In September 2008, BacTech signed an MOU to investigate the use of bioleaching to reprocess arsenic-laden tailings in Cobalt, Ontario.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.