💥5 Jul 2018 08:04
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05 July 2018
Bacanora Lithium Plc ("Bacanora" or the "Company")
US$150 Million Debt Funding Secured as Part of Sonora Lithium Project Funding Package
Bacanora Lithium plc, the London listed lithium company, is pleased to announce it has entered into a US$150 million senior debt facility (the "Facility") with RK Mine Finance ("RK"), a leading specialist in the provision of senior debt capital to mining companies, for the development of Stage 1 of the Sonora Lithium Project in Mexico ("Sonora" or the "Project"), an initial 17,500tpa lithium carbonate ("Li2CO3") operation. The Company believes the competitive terms of the RK Facility provide further validation of the quality of Sonora's battery grade (+99.5%) Li2CO3 product and its potential to become a leading supplier of high value lithium products to fast-growing industries such as electric vehicles and energy storage. The Facility forms part of an overall funding package for Sonora and further updates will be provided by the Company in due course.