16th Nov 2015 09:02
LONDON (Alliance News) - Lithium exploration and development company Bacanora Minerals Ltd on Monday said it has raised around GBP8.8 million via a share placing, with Rare Earth Minerals Ltd maintaining its stake in the company by taking part in the fundraising.
Bacanora said it has issued 11.5 million shares at 77.00 pence per share. Shares in the company were down 6.8% to 79.26p on Monday morning.
Rare Earth Minerals PLC, Bacanora's partner on the Sonora lithium project in Mexico, took part in the placing and maintained its 17% stake in Bacanora by subscribing for 2.0 million of the shares on offer. Shares in Rare Earth were down 1.4% to 0.789p on Monday.
Bacanora said the placing will back its push to become a large-scale supplier to the lithium market, where it expects robust growth in future years thanks to the role played by lithium in the smartphone, electric vehicles and energy storage markets.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
BCN.LRare Earth Metals