Mr. Ross Orr reports
BACTECH ELIMINATES DEBT THROUGH ISSUANCE OF COMMON SHARES
BacTech Environmental Corp. has come to an agreement with holders of both the 12-per-cent convertible debenture that matured on April 26, 2014, and the 10-per-cent bridge loan that matured on Feb. 15, 2014.
The total outstanding debt of $1,337,146 as of July 31, 2014, will be paid by the issuance of 26,742,934 common shares of the company at a price of five cents per common share.
As a result of the conversion, Option 3, of London, England, will own or control approximately 40 per cent of the issued and outstanding shares of the company as of the date of conversion, having increased its position from 20.6 per cent. Option 3 is currently represented on the BacTech board of directors by Tim Lewin.
BacTech has also accepted the resignation of David Salari as the company's chief operating officer. The company wishes Mr. Salari well in his future endeavours.
We seek Safe Harbor.
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