- New Institutional Investor agrees to acquire 19.89% interest in Bacanora
- Follows highly favourable Feasibility Study which estimated a NPV8 of US$1.253 Billion
- Provides entry into key Chinese market
Calgary, Alberta (FSCwire) – BACANORA MINERALS LTD. (“Bacanora” or the “Company”) (TSX-V: BCN and AIM: BCN), the Canadian and London listed lithium company, is pleased to announce that NextView Capital (“NextView”), a leading Chinese institutional fund management group focused on new technologies and energy, has agreed to acquire a 19.89% equity interest (non-diluted) in Bacanora (the “Strategic Investment”) via the placement of 32,976,635 common shares in the Company (the “Placing”) at a price of 94.53 pence (approximately C$1.6223) per share (the “Placing Price”). The £31,172,813 (approximately C$53,498,000) capital raised by the Placing will be used for the continued development of the Company’s Sonora Lithium Project. The Placing Price represents the volume weighted average price of the Company’s shares on the AIM Market of the London Stock Exchange over the previous seven trading days. The actual number of shares to be issued may be adjusted upwards at closing (to keep the total equity interest at 19.89%) in order to reflect any securities issuances (in particular, potential option exercises) occurring in the interim. Ashanti Capital acted as lead broker for the Placing.