Bacanora Announces Admission to AIM, Completion of Financing

Bacanora Minerals Ltd. (TSXV:BCN,LSE:BCN) announced that its common shares have been admitted to the AIM Market of the London Stock Exchange. Dealings started today at 8:00 a.m. in the United Kingdom.

As quoted in the press release:

Concurrent with the admission, the Company also completed its previously announced brokered financing of 14,393,940 common shares at a price of £0.33 per share for aggregate gross proceeds of £4,750,000. Using a foreign exchange rate of £1.00 = CAD$1.834, the offering price per security is approximately CAD$0.605 and the aggregate gross proceeds of securities sold is approximately CAD$8,708,334. In addition to (and over and above) the foregoing, a ‘vendor placing’ (i.e.: sale of shares by an existing holder of Bacanora shares to subscribers under the offering) of 2,000,000 shares was completed at the same offering price.

Colin Orr-Ewing, chairman of Bacanora’s board, commented:

The successful listing on AIM and the completion of this brokered financing provides Bacanora with the financial resources and the capital markets’ platform to accelerate the exploration and development of our two key projects. Bacanora continues to deliver on its key project milestones with the next phases of its growth, including the completion of the economic feasibility study of our high grade Borate Project, and the development of commercial production of boric acid. We continue to explore our lithium resource base at Sonora and look forward to advancing this project further.

Click here to read the full Bacanora Minerals Ltd. (TSXV:BCN,LSE:BCN) press release.