BacTech Closes First Tranche of Note Financing

TORONTO, ONTARIO - (Marketwire - Aug. 7, 2008) - BacTech Mining Corporation ("BacTech" or the "Company", (TSX VENTURE:BM) is pleased to announce that it has closed on $530,000 of subscriptions for the first tranche of its recently announced convertible note financing (see press release: July 23, 2008). The net proceeds of the financing will be used to produce an NI 43-101 compliant resource statement for assets recently acquired from Yamana Gold Inc. in Papua New Guinea, as announced on June 18, 2008, and to fund the Company's general working capital requirements for the remainder of the year. Under the terms of the private placement, BacTech issued units, with each unit being comprised of a 2-year $10,000 principal convertible redeemable note and 50,000 common share purchase warrants. Under the terms of the 2-year note,... [read full story]