Bacanora Announces Strategic Cornerstone Investor and Offtake Agreement

Bacanora_NR

Highlights

  • 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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s