27th Oct 2014 17:49
Bacanora Minerals Ltd.
("Bacanora" or the "Company")
Holdings in Company
The Company announces that, further to the announcement dated 10 October 2014 regarding the exercise of warrants by Igneous Capital Limited, the shareholding of Colin Orr-Ewing, Non-Executive Chairman of Bacanora, has fallen below the 12 per cent. threshold, due to dilution effect of the subsequent issue of equity. The number of common shares held by Mr. Orr-Ewing remains 9,958,683 representing 11.86 per cent of the issued share capital.
The Company also announces that the issue of equity has had a similar effect on the holding of Rare Earth Minerals plc, whose holding of 9,478,208 common shares now represents 11.29 per cent. of the issued share capital of the Company.
Enquiries please contact:
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Bacanora Minerals Colin Orr-Ewing, Non-Executive Chairman Shane Shircliff, CEO
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+44 (0) 20 3696 2410 +1 (403) 237 6122 |
Cairn Financial Advisers LLP, Nomad Sandy Jamieson / Liam Murray
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+44 (0) 20 7148 7900 |
HD Capital Partners LLP, Broker Philip Haydn-Slater / Paul Dudley
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+44 (0) 20 3551 4870 |
Buchanan, Financial PR Adviser Bobby Morse / Gordon Poole/ Louise Mason |
+44 (0) 20 7466 5000 |
ABOUT BACANORA:
Bacanora is a Canadian and London listed minerals explorer (TSX-V: BCN and AIM: BCN). The Company explores and develops industrial mineral projects, with a primary focus on lithium and borates. The Company's operations are based in Hermosillo in northern Mexico and it currently has two significant projects under development in the State of Sonora. The two main assets of Bacanora are:
· The Sonora Lithium Project, which covers ten mining concession areas in North East Sonora State. The Company, through drilling work to date, has established a National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant Indicated Resource of 3.26 million tonnes of lithium carbonate equivalent at a 2,000 ppm cut-off grade; and
· The Magdalena Borate Project in Sonora State, Mexico, where the Company's main borate zone, El Cajon, has a NI 43-101 compliant Indicated Resource of 1.17 million tonnes of B2O3, at an eight per cent. cut-off grade. The Company has completed a number of measures to determine the geological and commercial potential of the project and is undertaking a pre-feasibility exercise to determine the economic benefit of developing the mine and constructing a processing plant on site in order to become a supplier of boric acid.
Related Shares:
BCN.L