5 Oct 2016 15:17
Bacanora Minerals Ltd.
("Bacanora" or the "Company")
Warrant Exercise
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 2,925,000 new common shares in the Company (the "New Shares") pursuant to the exercise of options at CAN$1.47 each (79p).
Application will be made for the 2,925,000 New Shares to be admitted to trading on AIM. Admission is expected to occur on or around 12 October 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 110,799,353 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.
Bacanora interim Non-Executive Chairman James Leahy said, "This decision by one of our institutional shareholders to invest a further CAD$4.29 million via the exercise of its warrants is testament to their support for our vision to deliver lithium carbonate production from our Sonora Lithium Project in Mexico. Bacanora's last reported cash position was circa CAD$30 million and these extra funds further bolster our strong cash resources, which are more than enough to see us through to the end of our Feasibility Study and offtake discussions."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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 |
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 |
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. 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 4.5 million tonnes (LCE) and 2.7 million tonnes Inferred. A PFS completed in Q1 2016 demonstrated the attractive economics associated with becoming a 35,000 tpa lithium carbonate and 50,000 tpa SOP producer in Mexico. The Company is led by a team with lithium expertise which have proven mine development, construction and operational experience.