9th Apr 2015 10:08
LONDON (Alliance News) - Rare Earth Minerals PLC Thursday said it has increased its stake in fellow listed Bacanora Minerals Ltd to 15.4% from 15.02% from further market purchases totalling GBP305,394.
The additional investment follows on from a series of market purchases by Rare Earth in Bacanora, with the last investment being made in March when Rare Earth increased its stake to over the 15% mark.
Following that investment in March, Rare Earth Chairman David Lenigas was elected to the Bacanora board as a non executive. Lenigas is currently the executive chairman of Rare Earth Minerals, AfriAg PLC, UK Oil & Gas Investments PLC and Evocutis PLC, is the non-executive chairman of Inspirit Energy Holdings PLC, and is a non-executive director of Octagonal PLC.
Combining Rare Earth's increased stake in Bacanora and Rare Earth's 30% holding in Megalit S.A de CV, the company holding the Buenavista, Megalit and San Gabriel concessions and its 30% holding in Mexalit S.A de CV, the company holding El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 concessions, means Rare Earth holds a total economic interest of 40.78% in each of the two companies.
All the concessions owned by Megalit and Mexalit are part of the Sonora lithium project in northern Mexico.
Rare Earth shares were down 5.5% to 1.11 pence per share on Thursday morning, whilst Bacanora shares fell by 2.7% to 89.00 pence per share
By Joshua Warner; [email protected]; @JoshAlliance
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Related Shares:
BCN.LRare Earth Metals