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Bacanora Minerals Ltd. (TSXV:BCN) announced that its JV partner for the El Sauz and Fleur concessions, Rare Earth Minerals PLC, has satisfied its funding obligations. The Company has received the depost of $1,000,000, which will be used for the Stage 2 exploration and drilling program on the concessions.
As quoted in the press release:
… Rare Earth Minerals PLC (“REM”), the Company’s joint venture partner in respect of the El Sauz and Fleur lithium concessions (the “Concessions”) in northern Mexico, has satisfied its funding obligations in connection with REM’s exercise of its option to increase its ownership in the Concessions from 10% to 30%. In accordance with the Company’s joint venture agreement with REM, the Company has received a payment of US$500,000, together with the deposit of U.S.$1 million, the latter of which will be used for the Stage 2 exploration and drilling programme on the Concessions. REM’s equity in the Bacanora subsidiary, MEXILIT SA de CV, which will hold the Concessions, will now increase from 10% to 30%.
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