Bacanora Announces $17.8 Million Raised to Advance Sonora Lithium Project

CALGARY, ALBERTA–(Marketwired – Nov. 16, 2015) – BACANORA MINERALS LTD. (“Bacanora” or the “Company”) (TSX VENTURE:BCN)(AIM:BCN), the London and Canadian listed lithium exploration and development company focused on Sonora, Mexico, is pleased to announce that it has raised approximately £8.8 million (US$13.4 million / CAD $17.8 million) via the placing of 11,476,944 new common shares (the “Placing Shares”) at a price of 77 pence per share (the “Placing”). The Placing is part of the Company’s continuing strategy to become a large scale supplier to the lithium market, where demand is expected to continue growing rapidly thanks to lithium’s key role in highly innovative industries such as smartphones, electric vehicles and energy storage. Through the Placing, Bacanora has secured its first major institutional shareholder as well as receiving support from pre-existing shareholders.

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