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Bacanora Minerals Ltd. (TSXV:BCN) announced the closing of a private placement for gross proceeds of $3.5 million. Igneous Capital Limited was the principal subscriber of the offering. The Company plans to use the proceeds from the offering for further exploration at its Borate and Lithium programs.
As quoted in the press release:
The principal subscriber under the offering is Igneous Capital Limited, which has subscribed for 10,000,000 units for gross proceeds of $3,000,000. As a result of this subscription, Igneous is considered to be an Insider of the Company by virtue of its holdings of more than 10% of the outstanding voting shares of Bacanora.
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