19 Mar 2018 17:41
Bacanora Minerals Ltd
("Bacanora Minerals" or the "Company")
Updated Re-domicile timetable
Bacanora Minerals (TSX-V: BCN and AIM: BCN), the London and Canadian listed lithium company, announces that the expected timetable for the proposed Re-domicile has been amended. Subject to the passing of the relevant resolutions by Bacanora Minerals' shareholders at the Annual and Special Meeting and the final approval of the Alberta Court of Queen's Bench of Alberta, it is now expected that the Plan of Arrangement will become effective on Friday 23 March 2018 and the admission of the new Bacanora Lithium plc shares to trading on AIM is expected to take place on Monday 26 March 2018.
Further announcements will be made in due course.
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
| Megan Dennison / Frank Buhagiar | +44 (0) 20 7236 1177 |
ABOUT BACANORA CANADA:
Bacanora Canada is a Canadian and London listed lithium exploration and development company (TSXV: BCN and AIM: BCN). The Company is exploring for, and developing a pipeline of international lithium projects, with a primary focus on its 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) has established Proven Mineral Reserves (in accordance with 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 30,000 tpa SOP producer in Mexico. In addition to the Sonora Lithium Project, the Company also has a 50% interest in the Zinnwald Lithium Project and the Falkenhain Licence in southern Saxony, Germany. Each of the Zinnwald Lithium Project and the Falkenhain Licence are 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 and the Falkenhain Licence provides close geographical proximity 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.