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29 Apr 2016 07:00
Bacanora Minerals Ltd.
("Bacanora" or the "Company")
Issue of Equity and Exercise of options
Bacanora, the Canadian and London listed (AIM and TSX-V: BCN) lithium exploration and development company focussed on Sonora, Mexico, announces that the Company has issued 850,000 new common shares in the Company (the "New Shares") pursuant to the exercise of options at CAN$0.50 each (27.3p).
Application has been made for the 850,000 New Shares to be admitted to trading on AIM. Admission is expected to occur at 8.00 a.m. on 5 May 2016. The New Shares will rank pari passu with the existing Common Shares in issue. Following the issue of the new Common Shares as outlined above, there will be 98,124,353 common shares in issue. This number may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.
Directors of the Company have acquired interests in the following common shares as a result of the exercise of these options:
common shares acquired | Resultant interest | Percentage of enlarged share capital | |
Shane Shircliff
| 500,000 | 510,000 | 0.52% |
Martin Vidal Torres
| 250,000 | 1,000,000 | 1.02% |
Enquiries please contact:
Bacanora Minerals Ltd.
| Peter Secker, CEO | info@bacanoraminerals.com
|
Cairn Financial Advisers LLP, Nomad
| Sandy Jamieson / Liam Murray
| +44 (0) 20 7148 7900 |
Stifel Nicolaus Europe Ltd., Broker | Michael Shaw / Alex Wood | +44 (0) 20 7710 7600 |
St Brides Partners, Financial PR Adviser | Hugo de Salis / Frank Buhagiar / Elisabeth Cowell | +44 (0) 20 7236 1177 |
ABOUT BACANORA:
Bacanora is a Canadian and London listed minerals explorer (AIM and TSX-V: BCN). The Company explores and is developing industrial mineral projects, with a primary focus on its lithium project. The Company's operations are based in Hermosillo in northern Mexico. The main assets of Bacanora are:
· The Sonora Lithium Project, 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 an Indicated Mineral Resource (in accordance with NI 43-101) of 4.46 Mt LC LCE1 contained in 259 Mt of clay at a Li grade of 3,200 ppm and an Inferred Mineral Resource of 2.74 Mt LCE contained in 160 Mt of clay at a Li grade of 3,200 ppm.
· The Magdalena Borate Project, covering 16,503 hectares in Sonora state, Mexico, where the Company's main borate zone, El Cajon, has an Indicated Resource (in accordance with NI 43-101) of 1.17 mt of B2O3, at an eight per cent. cut-off grade. The Company has completed a number of measures to determine the geological and commercial potential of the project and is undertaking a pre-feasibility exercise to determine the economic benefit of developing the mine and constructing a processing plant on site in order to become a supplier of boric acid.
1LCE = 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.
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