11th Jul 2014 12:25
LONDON (Alliance News) - Rare Earth Minerals PLC Friday said it has further increased its stake in its joint venture partner on the Sonora Lithium Project in Mexico, Bacanora Minerals Ltd, to 12.14% through market purchases totalling GBP108,600.
The Mexico focused resources company last week increased its stake in Bacanora to 11.85% from 11.27% through on-market purchases totalling GBP207,000 between June 27 and July 3, 2014. The company has been slowly increasing its stake in recent months.
Following its increase to 11.85%, the company said that when combined with its 30% direct interest in the Fleur- El Sauz lithium joint venture and its 10% direct interest in the Megalit joint venture, it has a total economic interest in Fleur- El Sauz of approximately 38.29% and a total economic interest in Megalit of approximately 20.66%, both of which are on the overall Sonora lithium project.
In June, Bacanora Minerals received approval from Canadian regulators for a GBP4.75 million equity raising through an initial public offering on the AIM market in London, meaning the companies will both have the money needed to accelerate the development of their lithium project.
Rare Earth Minerals shares were up 4.5% to 1.77 pence on Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Rare Earth Metals