MANITOBA – BacTech Environmental Corp. has arranged a bridge loan that will enable it to compete its front end engineering and design work for the Snow Lake project to remediate the arsenopyrite concentrate stockpiled at the site.
The agreement calls for BacTech to receive up to $600,000 comprised of an initial $300,000 within 10 days of closing, and a second $300,000 that can be drawn after BacTech confirms that the underlying contract with the province of Manitoba can be used as collateral for the loan. All loans are subject to interest at the rate of 10% annually, and are to be repaid by Nov. 20, 2013, subject to the company's right to extend repayment.
BacTech signed an agreement with the province to remediate the stockpile at no cost to the taxpayer by recovering payable metals from the pile. At the same time the arsenic will be stabilized. The company plans to use its exclusive BacOX bioleaching technology.
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