VANCOUVER, BC – BioteQ Environmental Technologies, Inc. (TSX : BQE), a leader in the treatment of mine impacted waters, has received approval from the Toronto Stock Exchange to enter into six month, unsecured, convertible loan agreements (the “Loans”) totaling C$775,000 with six lenders. The lenders include directors and management of BioteQ and non-management insiders of the company.
The Loans bear interest at a rate of 12% per annum and are repayable in full, at the demand of the lender, on or after December 9, 2015 (“Maturity Date”). BioteQ may elect to repay any portion of the outstanding balance at any time subject to a minimum interest payment of 6%.
Subject to receiving shareholder approval for the issuance of the underlying shares, each lender may elect to convert the outstanding principal of its Loan into common shares of BioteQ at $0.03 cents per share at any time on or after the Maturity Date. If the Loans were to be converted in full, a total of approximately 25.8 million shares of BioteQ would be issued to the lenders.
The proceeds of the Loans will be used to fund general operating expenses over the next six months. As previously disclosed in the Company’s Q1 2015 financial reports, BioteQ was expecting to complete an intercompany transfer from its Chinese joint venture back to its Canadian parent company by July of this year. Due to unexpected administrative requirements in China, this transfer has been delayed until approximately October of this year. Once the transfer has been completed, BioteQ expects to repay the loan in full on or before the Maturity Date.
BioteQ Corporate Profile
BioteQ is a service provider that specializes in treating mining wastewater and specific hydrometallurgical streams with the focus on reducing Life Cycle Costs while achieving compliance and introducing sustainability into water management. We have extensive expertise and operations experience in sulphide precipitation, ion exchange, alkali/lime neutralization and SART process technologies. Over the past decade, BioteQ has designed and commissioned plants at mine sites for leading organizations including Glencore Canada, Freeport McMoran, Jiangxi Copper and the US EPA and is currently operating six plants under long-term contracts. These plants remove dissolved metals and sulphate to well below the required regulatory discharge limits while reducing or eliminating the production of waste sludge and/or recovering valuable metals from waste streams for sale which reduces the life cycle cost of water treatment. BioteQ is headquartered in Vancouver, Canada and trades on the TSX under the symbol BQE. Please visit our website at www.bqewater.com for additional information.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained herein may not be based on historical fact and therefore constitutes “forward-looking information” under applicable Canadian securities legislation. This includes without limitation statements containing the words “plan”, “expect”, “project”, “estimate”, “intend”, “believe”, “anticipate”, “may”, “will” and other similar words or expressions. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks, uncertainties and other factors that may cause actual events or results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the Company’s dependence on key personnel and contracts, uncertainty with respect to the profitability of the Company’s technologies, competition, technology risk, the Company’s ability to protect its intellectual property and proprietary information, fluctuations in commodity prices, currency risk, environmental regulation and the Company’s ability to manage growth and other factors described in the Company’s filings with the Canadian securities regulators at www.sedar.com (including without limitation the factors described in the section entitled “Risks and Uncertainties” in the Company’s Annual Report for the year ended December 31, 2014 and the section entitled “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2014). Given these risks and uncertainties, the reader is cautioned not to place undue reliance on forward-looking statements. All forward-looking information contained herein is based on management’s current expectations and the Company undertakes no obligation to revise or update such forward-looking information to reflect subsequent events or circumstances, except as required by law.