Bacanora Lithium PLC Update on Ganfeng Offer Acceptances (2621Z)
21 January 2022 - 11:58PM
UK Regulatory
TIDMBCN
RNS Number : 2621Z
Bacanora Lithium PLC
21 January 2022
21 January 2022
Bacanora Lithium plc
("Bacanora" or the "Company")
Update on Ganfeng Offer Acceptances
Bacanora Lithium plc (AIM: BCN), a lithium development company,
today announces an update to the level of acceptances and the level
of ownership by Ganfeng International Trading (Shanghai) Limited
("Ganfeng") in the Company as at 1.00 pm (London time) on 20
January 2022. Bacanora Shareholders are also reminded that Tuesday
25th January 2022 will be the last day of trading for the Company's
shares on the AIM Market, as with effect from 7.00am (London time)
on 26th January 2022 admission of the Company's shares on AIM will
be cancelled.
Ganfeng shareholding in Bacanora
Ganfeng has received valid acceptances of 235,987,368 Bacanora
Shares in relation to their Offer. Once all related shares have
been transferred, including Bacanora Shares accepted into the Offer
by option holders under the Rule 15 Letters, Ganfeng will
accordingly own 349,491,378 shares in Bacanora equating to 90.3% of
the issued share capital.
Level of Acceptances for Satisfaction of Compulsory
Acquisition
If Ganfeng receives acceptances under the Offer in respect of,
and/or otherwise acquires, both 90 per cent. or more in value of
the Bacanora Shares to which the Offer relates (as defined in the
Companies Act 2006 (as amended) (the "Act")) and 90 per cent. or
more of the voting rights carried by those Bacanora Shares, Ganfeng
intends to exercise its rights in accordance with sections 974 to
991 of the Act to acquire compulsorily the remaining Bacanora
Shares on the same terms as the Offer. Based on the figures noted
above, Ganfeng has currently received valid acceptances equivalent
to 86.2% of the Bacanora Shares to which the Offer relates.
ENDS
For further information please visit www.bacanoralithium.com or
contact:
Bacanora Lithium plc info@bacanoralithium.com
Peter Secker, CEO
Janet Blas, CFO
Cairn Financial Advisers LLP,
Nomad
Sandy Jamieson / Liam Murray +44 (0) 20 7213 0880
Citigroup Global Markets,
Joint Broker
Tom Reid / Patrick Evans /
Matthew Kenney +44 (0) 20 7986 4000
Canaccord Genuity, Joint Broker
James Asensio / Thomas Diehl +44 (0) 20 7523 8000
Tavistock, Financial PR Adviser Bacanora@tavistock.co.uk
Jos Simson / Emily Moss / +44 (0) 20 7920 3150
Oliver Lamb +44 (0) 77 8855 4035
Notes to editors
Bacanora Lithium Plc is an AIM-listed (ticker 'BCN') lithium
development company. The Company is focused on building, in
collaboration with its major shareholder and offtake partner,
Ganfeng Lithium (the world's largest lithium metals producer), a
35,000 tonne per annum open pit lithium carbonate operation at its
flagship asset, the Sonora Lithium Project in Mexico. The Sonora
Lithium Project has 8.8 million tonnes of lithium carbonate (Li(2)
CO(3) ) equivalent resources, with an approximate 250-year resource
life, as detailed in its December 2017 Feasibility Study.
Sonora Lithium Ltd ("SLL") is the operational holding company
for the Sonora Lithium Project and owns 100% of the La Ventana
concession. The La Ventana concession accounts for 88% of the mined
ore feed in the Sonora Feasibility Study which covers the initial
19 years of the project mine life. SLL is owned 50% by Bacanora and
50% by Ganfeng Lithium Co., Ltd. SLL also owns 70% of the El Sauz
and Fleur concessions.
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END
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