10th Oct 2014 07:04
LONDON (Alliance News) - Bacanora Minerals Ltd Friday said it has issued 5 million new shares to Igneous Capital Ltd, after that company exercised its entire holding of Bacanora warrants and took a near 18% stake in the minerals miner.
The warrants entitled Igneous to acquire new Bacanora shares at CAD0.45 per common share. The exercising of the warrants means Igneous now holds 15 million Bacanora shares, or 17.9% of its enlarged share capital. Igneous has agreed not to sell any shares for a year.
Graham Edwards is the ultimate beneficial owner of Igneous. He is also one of the potential beneficiaries of a trust that owns D&A Income Ltd, which owns 5.3 million Bacanora shares, or a 6.3% stake.
By Steve McGrath; [email protected]; @stevemcgrath1
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