21 Dec 2017 07:00
Bacanora Minerals Ltd ('Bacanora' or the 'Company')
Issue of Equity
The Company has received notification from option holders to exercise options over 200,000 and 50,000 new common shares (the "Common Shares") at a price of $0.30 and $1.39 CAD each respectively in the share capital of the Company. Accordingly, the Company has today issued 250,000 Common Shares to the option holders for an aggregate cash value of $129,500 CAD.
Application will be made for 250,000 new common shares to be admitted to trading on AIM. Admission is expected to occur on or around 29 December 2017. These shares will rank pari passu with the existing common shares in issue. Following admission of the Common Shares, the Company's enlarged issued share capital will be 133,039,872. The figure may therefore 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 under the FCA's Disclosure and Transparency Rules.
*ENDS**
For further information, please contact:
Bacanora Minerals Ltd.
| Peter Secker, CEO | info@bacanoraminerals.com
|
Cairn Financial Advisers LLP, Nomad
| Sandy Jamieson / Liam Murray
| +44 (0) 20 7213 0880 |
Canaccord Genuity, Broker
| Martin Davison / James Asensio
| +44 (0) 20 7523 8000 |
St Brides Partners, Financial PR Adviser
| Hugo de Salis / Frank Buhagiar | +44 (0) 20 7236 1177 |
ABOUT BACANORA:
Bacanora is a Canadian and London listed lithium exploration and development company (TSX-V: BCN and AIM: BCN). The Company is exploring for, and developing a pipeline of international lithium projects, with a primary focus on the Sonora Lithium Project. The Company's operations are based in Hermosillo in northern Mexico. The Company is led by a team with lithium expertise and proven mine development, construction and operations experience.
The Sonora Lithium Project1, 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 a Measured plus Indicated Mineral Resource estimate of over 5 Mt (comprising 1.9Mt of Measured Resources and 3.1Mt of Indicated Resources) of LCE2 and an additional Inferred Mineral Resource of 3.7 Mt of LCE. The Company's Feasibility Study (which was announced 12 December 2017) established Proven Mineral Reserves (in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ('NI 43-101')) of 1.67 MT and Probable Mineral Reserves of 2.85 Mt LCE and confirmed the economics associated with becoming a 35,000 tpa lithium carbonate and 50,000 tpa SOP producer in Mexico. In addition to the Sonora Lithium Project, the Company also has a 50% interest in the Zinnwald Lithium Project in southern Saxony, Germany. The Zinnwald Lithium Project is located in a granite hosted Sn/W/Li belt that has been mined historically for tin, tungsten and lithium at different times over the past 300 years. The strategic location of the Zinnwald Lithium Project allows immediate access to the German automotive and downstream lithium chemical industries.
1 The Sonora Lithium Project is comprised of the following lithium properties: La Ventana lithium concession, which is 100 percent owned by Bacanora and El Sauz and Fleur concessions, which are held by Mexilit S.A. de C.V. ('Mexilit') which is owned 70 percent by Bacanora and 30 percent by Cadence Minerals Plc.
2 LCE = 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.