Calgary, Alberta (FSCwire) – BACANORA MINERALS LTD. (“Bacanora” or the “Company”) (TSX-V: BCN and AIM: BCN), the Canadian and London listed lithium company, announces.that it intends to re-commence the process of changing the domicile of jurisdiction from Canada to the UK (the “Re-domicile”).
The Company sought shareholder approval to effect the Re-domicile from Canada to the UK in September 2016. However the requisite approval was not obtained in order to proceed with the Re-domicile. Since listing on AIM in 2014, the Company has been successful in raising funding from the UK Capital Markets and has already added three Global Institutional investors and a major off-take partner to its shareholder base. The Company now intends to raise a significant amount of new debt and equity financing to fund its growth as an international lithium company with new projects in Mexico and Germany and believes that a UK domiciled company with its primary listing on AIM is the best way to achieve this. The Company intends to move its head office and its senior management to the UK, and as a result the Board anticipates that the Re-domicile will result in significant cost and administrative savings for the Company and its subsidiaries (the “Group”).