Bacanora Lithium PLC - lithium explorer - Hopes to raise USD60 million from issue of new shares at 45 pence. Notes subscription retail offer on PrimaryBid.com. The net proceeds from the fundraising will provide the last element of the company's 50% share of the financing required for the construction of stage 1 of its flagship Sonora lithium project in Mexico, being developed in conjunction with joint venture partner Ganfeng Lithium Co Ltd.
Production from Sonora is expected in second half of 2023.
In addition to the fundraising, Ganfeng has stated its intention to potentially exercise its pre-emptive right at the placing price and to increase its holding in the company to up to a maximum of 30% in line with its original shareholding in 2019.
Also notes it performed in line with management expectations in 2020 and continues to do so in the first quarter of 2021.
Current stock price: 56.00 pence
Year-to-date change: down 13%
By Paul McGowan; paulmcgowan@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.