4th Jul 2014 07:03
LONDON (Alliance News) - Rare Earth Minerals PLC said Friday that it has increased its shareholding in its joint venture partner in the Sonora Lithium Project in Mexico, Bacanora Minerals Limited, to 11.85%.
The company said it has increased its stake 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.
Rare Earth Minerals' new stake, when combined with its 30% direct interest in the Fleur- El Sauz Lithium Joint Venture and the 10% direct interest in the Megalit Joint Venture, results in a total economic interest in Fleur- El Sauz of approximately 38.29% and a total economic interest in Megalit of approximately 20.66%, said the company.
Bacanora Minerals last week 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.
By Alice Attwood; [email protected]; @AliceAtAlliance
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