Bacanora Lithium plc.- Further Ganfeng investment


Bacanora Lithium plc (AIM: BCN), a lithium development company, announces that the Board of directors of its cornerstone investor and offtake partner, Ganfeng Lithium Co., Ltd (“Ganfeng”), has today approved a board resolution to exercise its pre-emptive right and to increase its holding in the Company.  Ganfeng will subscribe for a total of 53,333,333 new Ordinary Shares at the Placing Price of 45p per share, representing gross proceeds of approximately US$31 million.  Completion of this investment from Ganfeng is conditional upon obtaining certain approvals and consents from authorities in the People’s Republic of China. On Completion of their investment, the Company will have 384,144,901 shares in issue and Ganfeng will have an ownership level of 28.88%.

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