TORONTO, Dec. 1 /CNW/ - Pursuant to a Plan of Arrangement approved by the shareholders of BacTech Mining Corp., the Company's remediation technology business has been spun out to a separate entity named BacTech Environmental Corp. The common shares of the new entity, BacTech Environmental Corp., have been approved for listing on CNSX. Following the redemption of its Class A Preferred Shares into common shares, BacTech Environmental has approximately 26.5 million shares outstanding with a public float of approximately 15.2 million shares.
BacTech's remediation technology utilizes various strains of bacteria adapted to a specific application. The bacteria operating in a solution at temperatures between 30C and 80C act on the metal sulphides in the presence of air to liberate base metals such as copper, nickel, cobalt, zinc and iron into the solution. The solutions are then treated to extract the valuable products as pure metals using other existing technology. Any precious metals present are not dissolved by the bacteria, but remain behind in the residue.
Listing and disclosure documents for BacTech Environmental Corp. will be available in the CNSX Listings Disclosure Hall
Trading Date: Thursday, December 2, 2010
CUSIP: 070490 10 7
ISIN: CA 070490 10 7 7
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