Mr. Ross Orr reports

BACTECH ENVIRONMENTAL CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

Bactech Environmental Corp. has closed the first tranche of its $500,000 private placement, issuing 851,515 units of the company at a price of 6.6 cents per unit for aggregate gross proceeds of $56,200.

Each unit consists of one common share and one transferrable common share purchase warrant. Each whole warrant shall entitle the holder thereof to acquire one additional common share in the capital of the company (or its successor) at a price of 13.2 cents per warrant share until the date that is 24 months from the closing date.

The company intends to use the net proceeds from the offering for working capital requirements and other general corporate purposes. The company continues to work with investors and financial institutions to process all orders and close the offering.

No commissions will be paid with respect to the unit offering, however, the issuer may pay a finder's fee to certain finders of 7 per cent of the aggregate gross proceeds of subscriptions facilitated by such finders. The finder's fee may be paid in cash and/or units, at the option of the finder. In connection with the closing of the first tranche, the company will pay finder's fees of $2,310 and 35,000 broker warrants to Canaccord Genuity.

Additionally, pursuant to the company's stock option plan, the company granted on Dec. 12, 2022, stock options to certain directors, officers and employees to purchase an aggregate of 3.7 million common shares of the company at an exercise price of 10 cents per optioned share for a period of five years from the date of grant. Some of these options replace previously granted, now expired, options. Subsequent to the grant of such options, an aggregate amount of 5,985,882 common shares of the company remains available for issuance under the company's stock option plan, as reapproved by the shareholders of the company during the company's last annual general meeting held on Sept. 16, 2021.

About Bactech Environmental Corp.

Bactech is a proven environmental technology company, delivering effective and eco-friendly bioleaching and remediation solutions to commercial operations to process and recover preferred metals (gold, silver, cobalt, nickel and copper) smartly and safely remove and transform harmful contaminants like arsenic into benign Environmental Protection Agency (EPA)-approved products for landfill. Tapping into numerous environmental and economic advantages of its proprietary method of bioleaching, Bactech uses naturally occurring bacteria, harmless to both humans and the environment, to neutralize toxic mining sites with high-pay potential.

We seek Safe Harbor.