Bacanora Minerals Ltd Proposed Re-domicile (3756E)
09 February 2018 - 6:00PM
UK Regulatory
TIDMBCN
RNS Number : 3756E
Bacanora Minerals Ltd
09 February 2018
Bacanora Minerals LTD / Index: AIM; TSX-V / Epic: BCN / Sector:
Natural Resources
9 February 2018
Bacanora Minerals Ltd ("Bacanora" or the "Company")
Proposed Re-domicile
Bacanora Minerals Ltd., the London and Canadian listed lithium
company, announces that it intends to re-commence the process of
changing the domicile of jurisdiction from Canada to the UK (the
"Re-domicile").
The Company sought shareholder approval to effect the
Re-domicile from Canada to the UK in September 2016. However, the
requisite approval was not obtained in order to proceed with the
Re-domicile. Since listing on AIM in 2014, the Company has been
successful in raising funding from the UK Capital Markets and has
already added three Global Institutional investors and a major
off-take partner to its shareholder base. The Company now intends
to raise a significant amount of new debt and equity financing to
fund its growth as an international lithium company with new
projects in Mexico and Germany and believes that a UK domiciled
company with its primary listing on AIM is the best way to achieve
this. The Company intends to move its head office and its senior
management to the UK, and as a result the Board anticipates that
the Re-domicile will result in significant cost and administrative
savings for the Company and its subsidiaries (the "Group").
It is intended that the Re-domicile will be effected by means of
a plan of arrangement under the Business Corporations Act
(Alberta), whereby all existing common shares in Bacanora will be
exchanged, through a wholly owned subsidiary ("AcquireCo") of
Bacanora Lithium Plc ("Bacanora UK") for ordinary shares in
Bacanora UK, a company that has been established in the UK to
become the new holding company for the Group (the "Transaction").
The share capital of Bacanora UK will be substantially identical to
the existing share capital of Bacanora and the rights attaching to
the new ordinary shares in Bacanora UK will be substantially the
same as for the current Bacanora common shares. In all other
respects, the Group will remain unchanged as a result of the
Transaction.
The Transaction will be subject to customary shareholder,
regulatory and Canadian court approval. The Company therefore
intends to send to shareholders a management information circular
setting out full details of the Transaction and containing notice
of a general and special meeting to consider, and if thought fit,
approve the Transaction, among other related and annual matters.
Prior to the Transaction becoming effective, it is proposed that
Bacanora UK will apply for its ordinary shares to be admitted to
trading on AIM. Upon the admission of Bacanora UK Shares to trading
on AIM, the Company intends to delist its common shares from the
TSX Venture Exchange and cancel trading of its common shares on
AIM.
Further announcements will be made in due course in relation to
the timetable.
*ENDS**
For further information, please contact:
Bacanora Minerals Peter Secker, CEO info@bacanoraminerals.com
Ltd.
----------------------- ------------------- --------------------------
Cairn Financial Sandy Jamieson +44 (0) 20
Advisers LLP, Nomad / Liam Murray 7213 0880
----------------------- ------------------- --------------------------
Canaccord Genuity, Martin Davison +44 (0) 20
Broker / James Asensio 7523 8000
----------------------- ------------------- --------------------------
St Brides Partners, Frank Buhagiar +44 (0) 20
Financial PR Adviser / Megan Dennison 7236 1177
----------------------- ------------------- --------------------------
ABOUT BACANORA:
Bacanora is a Canadian and London listed lithium exploration and
development company (TSX-V: BCN and AIM: BCN). The Company is
exploring for, and developing a pipeline of international lithium
projects, with a primary focus on the Sonora Lithium Project. The
Company's operations are based in Hermosillo in northern Mexico.
The Company is led by a team with lithium expertise and proven mine
development, construction and operations experience.
The Sonora Lithium Project(1) , 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 a Measured plus Indicated
Mineral Resource estimate of over 5 Mt (comprising 1.9Mt of
Measured Resources and 3.1Mt of Indicated Resources) of LCE(2) and
an additional Inferred Mineral Resource of 3.7 Mt of LCE. The
Company's Feasibility Study (which was announced 12 December 2017)
has established Proven Mineral Reserves (in accordance with
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects) of 1.67 MT and Probable Mineral Reserves of 2.85 Mt LCE
and confirmed the economics associated with becoming a 35,000 tpa
lithium carbonate and 30,000 tpa SOP producer in Mexico. In
addition to the Sonora Lithium Project, the Company also has a 50%
interest in the Zinnwald Lithium Project and the Falkenhain Licence
in southern Saxony, Germany. Each of the Zinnwald Lithium Project
and the Falkenhain Licence are located in a granite hosted Sn/W/Li
belt that has been mined historically for tin, tungsten and lithium
at different times over the past 300 years. The strategic location
of the Zinnwald Lithium Project and the Falkenhain Licence provides
close geographical proximity to the German automotive and
downstream lithium chemical industries.
1 The Sonora Lithium Project is comprised of the following
lithium properties: La Ventana lithium concession, which is 100
percent owned by Bacanora and El Sauz and Fleur concessions, which
are held by Mexilit S.A. de C.V. ('Mexilit') which is owned 70
percent by Bacanora and 30 percent by Cadence Minerals Plc.
2 LCE = lithium carbonate (Li(2) CO(3) ) equivalent; determined
by multiplying Li value in percent by 5.324 to get an equivalent
Li(2) CO(3) value in per cent. Use of LCE is to provide data
comparable with industry reports and assumes complete conversion of
lithium in clays with no recovery or process losses.
FORWARD LOOKING STATEMENTS:
Except for statements of historical fact, this news release
contains certain "forward-looking information" within the meaning
of applicable securities law. Forward-looking information is
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. In particular, forward-looking information
in this press release includes, but is not limited to the holding
of an annual and special meeting, the delivery of materials to
shareholders in respect of such meeting, the completion of the
Transaction and the delisting of the Company's common shares from
the TSX Venture Exchange. Although we believe that the expectations
reflected in the forward-looking information are reasonable, there
can be no assurance that such expectations will prove to be
correct. We cannot guarantee future results, performance or
achievements. Consequently, there is no representation that the
actual results achieved will be the same, in whole or in part, as
those set out in the forward-looking information.
Forward-looking information is based on the opinions and
estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
information. Some of the risks and other factors that could cause
the results to differ materially from those expressed in the
forward-looking information include, but are not limited to:
commodity price volatility; general economic conditions in Canada,
the United States, Mexico and globally; industry conditions,
governmental regulation, including environmental regulation;
unanticipated operating events or performance; failure to obtain
industry partner and other third party consents and approvals, if
and when required; the availability of capital on acceptable terms;
the need to obtain required approvals from regulatory authorities;
stock market volatility; competition for, among other things,
capital, skilled personnel and supplies; changes in tax laws; and
the other risk factors. Readers are cautioned that this list of
risk factors should not be construed as exhaustive.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCTPMFTMBAMBFP
(END) Dow Jones Newswires
February 09, 2018 02:00 ET (07:00 GMT)
Bacanora Lithium (LSE:BCN)
Historical Stock Chart
From Apr 2024 to May 2024
Bacanora Lithium (LSE:BCN)
Historical Stock Chart
From May 2023 to May 2024