3 Dec 2015 07:00
Bacanora Minerals Ltd.
("Bacanora" or the "Company")
Issue of Equity and Exercise of options
Bacanora, the Canadian and London listed (TSX-V: BCN and AIM: BCN) lithium exploration and development company focussed on Sonora, Mexico, announces that the Company has issued 650,000 new common shares in the Company (the "New Shares") pursuant to the exercise of options at CAN$0.24 each (11.9p).
Application has been made for the 650,000 New Shares to be admitted to trading on AIM. Admission is expected to occur at 8.00 a.m. on 8 December 2015. The New Shares will rank pari passu with the existing common shares in issue. Following the issue of the New Shares as outlined above, there will be 97,274,353 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 the following common shares as a result of the exercise of these options:
| common shares acquired | Resultant interest | Percentage of enlarged share capital |
Derek Batorowski
| 100,000 | 451,000 | 0.46% |
James Leahy
| 200,000 | 916,346 | 0.94% |
Martin Vidal Torres
| 250,000 | 750,000 | 0.77% |
Enquiries please contact:
Bacanora Minerals Ltd.
| Peter Secker, CEO | info@bacanoraminerals.com
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Cairn Financial Advisers LLP, Nomad
| Sandy Jamieson / Liam Murray
| +44 (0) 20 7148 7900 |
HD Capital Partners Ltd, Broker
| Philip Haydn-Slater / Paul Dudley
| +44 (0) 20 3551 4870 |
St Brides Partners, Financial PR Adviser | Hugo de Salis / Frank Buhagiar / Elisabeth Cowell | +44 (0) 20 7236 1177 |
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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, 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 National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")) of 5.0 Mt LCE1 contained in 364 Mt of clay at a Li grade of 2,600 ppm and an Inferred Mineral Resource of 3.9 Mt LCE contained in 355 Mt of clay at a Li grade of 2,000 ppm; and
· 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.