When I I found out about this ...I bought in and Im holding for .05 min
NEWS
BacTech Takes Steps to Improve Balance Sheet Reduces Debt by $1.65M
(via TheNewswire)
Toronto, Canada -TheNewswire - August 20, 2020 -BacTech Environmental Corporation("BacTech" or the "Company"), (CSE:BAC) (CNSX:BAC.CN) (OTC:BCCEF) today announced significant balance sheet improvements with respect to outstanding debt obligations.
"Management of the Company, who have been accruing salaries for over 3 years, have agreed to a voluntary forgive the indebtedness from accruing compensation owing to them as of June 30th, 2020 ($1.244M). In its place BacTech will issue 2.5M stock options exercisable at $0.05 for 10 years to certain employees and consultants who forfeited their compensation." stated Ross Orr, President and CEO.
In addition, an arm's length holder of $200,000 face value of debentures that mature in August ($100,000) and September ($100,000) requested that the Company issue 5,076,260 common shares at a deemed price of $0.05 per share to eliminate their $253,813 debenture and the accrued interest as of August 15, 2020. A second arm's length debenture holder has agreed to convert 50% of their $175,000 debenture holdings into common shares and 100% of the accrued interest at $0.05 per share. These transactions will result in the issuance of 3,083,340 common shares and reduces $154,167 in debenture and interest owing. All common shares issued through these transactions will be subject to a 4 month hold period effective August 17th, 2020. Both of these conversions were at the request of the holders.
The above agreements are subject to regulatory or CSE approval, if applicable, andcompleting the required filings with the security exchange
SamTheTraderOtc
@SamTheTraderOtc
