22nd May 2014 15:12
LONDON (Alliance News) - Rare Earth Minerals PLC Thursday said it has increased its shareholding in its joint venture partner in the Sonora lithium project in Mexico, Bacanora Minerals Ltd, from 9.4% to 10.2% through further on-market purchases totalling GBP203,000.
Rare Earth Minerals said the shareholding, when added to its 30% direct interest in the Fleur-El Sauz Lithium joint venture and the 10% direct interest in the 94,000 hectare Megalit joint venture, results in a total economic interest in Fleur-El Sauz of 36.6% and in Megalit of 19.2%.
The company said it will continue to steadily increase its shareholding in Bacanora Minerals as it seeks to increase its exposure to the Sonora lithium project in Mexico.
"The 10% shareholding is an important threshold in Canada, where Bacanora is listed, and as such REM will now be required to file and release an Early Warning Report on Bacanora's Canada Exchange," Chairman David Lenigas said in a statement.
Rare Earth Minerals shares were quoted up 16% at 0.570 pence Thursday afternoon.
By Anthony Tshibangu; [email protected];
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Rare Earth Metals