BacTech Mining Corporation (TSX-V:BM), which is currently undergoing preparatory work for a $20-million bioleaching test plant in the Cobalt area, has announced it will reorganize to create separate companies for its two main working divisions.
Under the proposed split, the company catering to bioleaching for gold and base metals in primary mining projects would become its own entity, and would take on the existing mining assets, such as earn-in rights for an Armenian gold mining project.
It would feature a new board and new president, who has yet to be announced.
The company catering to the remediation of previous mine tailings, such as those seen in the Cobalt camp, will remain under the BacTech name, with current president Ross Orr continuing on at the helm.
Orr will also serve on the board of directors at the new company to provide continuity and guidance.
All current BacTech shareholders will receive one common share of the new company for every three common shares they hold in the existing company. The company's proprietary bioleaching technology will then be licensed from the new gold company to the reclamation-focused company.
.jpeg;w=120;h=80;mode=crop)
