1 Dec 2014 13:30
Bacanora Minerals Ltd.
("Bacanora" or the "Company")
Issue of Equity
Bacanora announces that, pursuant to an exercise of options, the Company has issued 100,000 new common shares in the Company (the "New Shares").
Application has been made for the 100,000 New Shares to be admitted to trading on AIM and admission is expected to occur at 8.00 a.m. on 5 December 2014. The New Shares will rank pari passu with the existing common shares. Following the issue of the New Shares as outlined above, there will be 84,365,661 common shares in issue. This number may be used by shareholders in the Company as the denominator for calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the issued share capital of the Company.
Enquiries please contact:
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Bacanora Minerals Colin Orr-Ewing, Non-Executive Chairman Shane Shircliff, CEO
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+44 (0) 20 3696 2410 +1 (403) 237 6122 |
Cairn Financial Advisers LLP, Nomad Sandy Jamieson / Liam Murray
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+44 (0) 20 7148 7900 |
HD Capital Partners LLP, Broker Philip Haydn-Slater / Paul Dudley
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+44 (0) 20 3551 4870 |
Buchanan, Financial PR Adviser Bobby Morse / Gordon Poole / Louise Mason |
+44 (0) 20 7466 5000 |
ABOUT BACANORA:
Bacanora is a Canadian and London listed minerals explorer (TSX-V: BCN and AIM: BCN). The Company explores and develops industrial mineral projects, with a primary focus on lithium and borates. The Company's operations are based in Hermosillo in northern Mexico and it currently has two significant projects under development in the state of Sonora. The two main assets of Bacanora are:
· The Sonora lithium project (the "Sonora Lithium Project") which consists of ten mining concession areas covering 104,064 hectares in the north east of Sonora state. The Company, through drilling work to date, has established an NI 43-101 compliant indicated resource of 3.28 million tonnes ("mt") of lithium carbonate equivalent ("LCE") at a 2,000 ppm cut-off grade. The Company's 100 per cent. owned La Ventana deposit, which lies within the Sonora Lithium Project, hosts an NI 43-101 compliant drill Indicated lithium resource of 1.27 mt of LCE; and
· The Magdalena borate project, covering 16,503 hectares in Sonora state, Mexico, where the Company's main borate zone, El Cajon, has an NI 43-101 compliant indicated resource 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.