TIDMBCN
RNS Number : 6531L
Bacanora Lithium PLC
20 April 2018
Bacanora Lithium plc / Index: AIM / Epic: BCN / Sector: Natural
Resources
Bacanora Lithium plc ("Bacanora" or the "Company")
Directorate Change and Grant of Options
Bacanora Lithium plc, the London listed lithium exploration and
development company, is pleased to announce that Chief Executive
Officer Mr. Peter Secker has been appointed as a main board
director of the Company with immediate effect. Mr. Secker has over
35 years' experience in developing, constructing and operating
mines, and most recently, has direct experience of developing
lithium projects. He will continue to act as CEO of the Company, a
post he has held since 19 May 2015.
Peter Anthony Secker (58) is a mining engineer who over the
course of his career has built and operated a number of mines and
metallurgical processing facilities in Africa, Australia, China and
Canada. His operating and project experience spans a number of
commodities, including titanium, copper, iron ore, gold and
lithium. For the past ten years Mr Secker has been Chief Executive
of a number of publicly listed companies. Prior to Bacanora, he was
CEO of Canada Lithium Corp. whilst developing the Quebec lithium
project. Mr. Secker holds a Bachelor of Science in Mining
Engineering from Newcastle University and a First Class Mine
Managers Certificate for Australia and South Africa.
Mark Hohnen, Chairman of Bacanora, commented, "I am delighted to
welcome Peter to the Board. As CEO of Bacanora, Peter has been
instrumental in advancing our flagship Sonora Lithium Project to
the point where its credentials to become a world class, low cost
producer of battery grade lithium carbonate were recently confirmed
by a Feasibility Study. This demonstrated the project's robust
economics including an NPV of US$1.25billion; an IRR of 26.1%; and
life of mine gross operating costs of US$3,910/t Li2CO3, which are
comparable to those of the low cost brine producers of South
America. Led by Peter, the Company remains focused on embarking on
the construction phase at Sonora in H1 2018 with a view to being in
a position to commence production of high value lithium products in
Q1 2020. I look forward to providing further updates as we work
towards establishing Sonora as a leading supplier to fast-growing
industries, such as electric vehicles and energy storage."
Set out below are details of Mr. Secker's current directorships
and those that he has held within the last five years:
Current Directorships Past Directorships
(past 5 years)
- RB Energy Inc.
Canada Lithium Corp.
Mr. Secker holds the following share options in the Company:
Nature Date of grant Expiry date Issue, conversion Number
of Interest or exercise
price
-------------- --------------- ------------- ------------------- --------
March 1,
Options March 1, 2017 2020 GBP0.85 300,000
-------------- --------------- ------------- ------------------- --------
September September
Options 20, 2017 19, 2020 GBP0.80 240,000
-------------- --------------- ------------- ------------------- --------
September September
RSUs 20, 2017 19, 2020 GBP0.80 634,434
-------------- --------------- ------------- ------------------- --------
Mr Secker was a director of RB Energy Inc. (formerly Canada
Lithium Corp.) which filed for an Initial Order to commence
proceedings under the Companies' Creditors Arrangement Act from the
Quebec Superior Court in October 2014, following which a receiver
was appointed in May 2015. A class action against Canada Lithium
Corp., its directors and certain officers was settled in November
2016.
There is no further information on Mr Secker, which is required
to be disclosed under Schedule Two, paragraph (g) of the AIM Rules
for Companies.
Grant of Options
The Company is pleased to announce the grant of 312,500 options
to acquire ordinary shares in the capital of Bacanora at a price of
GBP0.895, being the closing share price on 18 April 2018, to Ms
Eileen Carr, a Non-Executive Director of the Company. Such options
vest as to 1/3 on the date of grant and an additional 1/3 on each
of the first and second anniversaries of the date of grant and are
exercisable for a period of three (3) years. All of the options
granted today (and the ordinary shares issuable upon exercise) will
be subject to applicable securities law hold periods and are issued
pursuant to the Option Plan of the Company.
Notification of a Transaction pursuant to Article
19(1) of Regulation (EU) No. 596/2014
--------------------------------------------------------------------
1 Details of the person discharging managerial
responsibilities/person closely associated
----- -------------------------------------------------------------
a. Name Eileen Carr
-------------------------------
2 Reason for
notification
----- ---------------------------- -------------------------------
a. Position/Status Director
----- ---------------------------- -------------------------------
b. Initial notification/ Initial notification
Amendment
----- ---------------------------- -------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
-------------------------------------------------------------
a. Name Bacanora Lithium plc
----- ---------------------------- -------------------------------
b. LEI N/A
----- ---------------------------- -------------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
----- -------------------------------------------------------------
a. Description ordinary shares of 10p
of the financial
instrument,
type of instrument
Identification
Code
----- ---------------------------- -------------------------------
b. Nature of the Grant of Options
transaction
----- ---------------------------- -------------------------------
c. Price(s) and Price(s) Volume(s)
volume(s) per share
----- ---------------------------- --------------- ----------
89.5 pence 312,500
-------------------------------------------------- ----------
d. Aggregated
information
312,500
- Aggregated
Volume 89.5p pence per share
- Price
----- ---------------------------- -------------------------------
e. Date of the 18 April 2018
transaction
----- ---------------------------- -------------------------------
f. Place of the London AIM
transaction
----- ---------------------------- -------------------------------
**S**
For further information, please contact:
Bacanora Minerals James Strauss, Director info@bacanoraminerals.com
Ltd.
----------------------- ------------------------- --------------------------
Cairn Financial
Advisers LLP, Sandy Jamieson / Liam +44 (0) 207
Nomad Murray 213 0880
----------------------- ------------------------- --------------------------
Canaccord Genuity, +44 (0) 20
Broker Martin Davison 7523 8000
----------------------- ------------------------- --------------------------
St Brides Partners, Megan Dennison / Frank +44 (0) 20
Financial PR Adviser Buhagiar 7236 1177
----------------------- ------------------------- --------------------------
ABOUT BACANORA:
Bacanora Lithium is a London listed lithium exploration and
development company (AIM: BCN). The Company is exploring for, and
developing a pipeline of international lithium projects, with a
primary focus on its 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 NI
43-101) 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 (Li2CO3) equivalent; determined by
multiplying Li value in percent by 5.324 to get an equivalent
Li2CO3 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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