Bacanora Minerals Ltd Warrant Exercise (8026L)
06 October 2016 - 1:17AM
UK Regulatory
TIDMBCN
RNS Number : 8026L
Bacanora Minerals Ltd
05 October 2016
Bacanora Minerals Ltd.
("Bacanora" or the "Company")
Warrant Exercise
Bacanora, the Canadian and London listed (TSX-V: BCN and AIM:
BCN) lithium exploration and development company focussed on
Sonora, Mexico, announces that the Company has issued 2,925,000 new
common shares in the Company (the "New Shares") pursuant to the
exercise of options at CAN$1.47 each (79p).
Application will be made for the 2,925,000 New Shares to be
admitted to trading on AIM. Admission is expected to occur on or
around 12 October 2015. The New Shares will rank pari passu with
the existing common shares in issue. Following the issue of the New
Shares as outlined above, there will be 110,799,353 Common Shares
in issue. This number may be used by shareholders in the Company as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change in
their interest in, the share capital of the Company.
Bacanora interim Non-Executive Chairman James Leahy said, "This
decision by one of our institutional shareholders to invest a
further CAD$4.29 million via the exercise of its warrants is
testament to their support for our vision to deliver lithium
carbonate production from our Sonora Lithium Project in Mexico.
Bacanora's last reported cash position was circa CAD$30 million and
these extra funds further bolster our strong cash resources, which
are more than enough to see us through to the end of our
Feasibility Study and offtake discussions."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries please contact:
Bacanora Minerals Peter Secker, CEO info@bacanoraminerals.com
Ltd.
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Cairn Financial
Advisers LLP, Sandy Jamieson / +44 (0) 20 7148
Nomad Liam Murray 7900
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HD Capital Partners Philip Haydn-Slater +44 (0) 20 3551
Ltd, Broker / Paul Dudley 4870
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St Brides Partners, Hugo de Salis /
Financial PR Frank Buhagiar / +44 (0) 20 7236
Adviser Elisabeth Cowell 1177
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ABOUT BACANORA:
Bacanora is a Canadian and London listed minerals explorer
(TSX-V: BCN and AIM: BCN). The Company explores and develops
industrial mineral projects, with a primary focus on lithium. The
Sonora Lithium Project, which consists of ten mining concession
areas covering approximately 100 thousand hectares in the northeast
of Sonora State. The Company, through drilling and exploration work
to date, has established an Indicated Mineral Resource (in
accordance with NI 43-101) of 4.5 million tonnes (LCE) and 2.7
million tonnes Inferred. A PFS completed in Q1 2016 demonstrated
the attractive economics associated with becoming a 35,000 tpa
lithium carbonate and 50,000 tpa SOP producer in Mexico. The
Company is led by a team with lithium expertise which have proven
mine development, construction and operational experience.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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