1st Sep 2016 07:00
Bacanora Minerals Ltd
("Bacanora Canada" or the "Company")
Posting of Supplement to Circular and Notice of Postponed GM
Further to the announcement dated 11 August 2016, Bacanora Canada (TSX-V: BCN and AIM: BCN), the AIM and TSX Venture Exchange ("TSX-V") listed lithium and borates company focussed on Mexico, announces that it has posted to shareholders a supplement to the management information circular of the Company dated 14 July 2016 ("Supplement") convening the postponed annual and special meeting of Bacanora Canada to be held at Gowling WLG (Canada) LLP, at 1600, 421 - 7th Avenue S.W., Calgary, Alberta, Canada, T2P 4K9 on 28 September 2016 at 10:00 a.m. (Calgary time), together with an amended form of proxy for voting at the postponed meeting. Original forms of proxy sent to shareholders with the management information circular of the Company dated 11 July 2016 will not be valid for voting at the postponed meeting.
The Supplement sets out Bacanora Canada's proposed reorganisation (the "Re-Domicile") of its corporate structure, with the effect that a newly incorporated English company, Bacanora Lithium plc ("Bacanora UK"), will acquire the entire issued share capital of Bacanora Canada in exchange for new shares in Bacanora UK ("Bacanora UK Shares") and will apply for admission to trading of its Bacanora UK Shares on AIM. Upon the admission of Bacanora UK Shares to trading on AIM, Bacanora Canada intends to delist the Bacanora Canada Shares from the TSX-V and cancel the trading of the Bacanora Canada Shares on AIM.
The anticipated timetable of principal events is now as follows:
Latest date for receipt of Forms of Proxy | 10.00 (Calgary time) on 26 September 2016 | |
Annual and Special Meeting: | 10.00 (Calgary time) on 28 September 2016 | |
Final Court Approval: | 14.00 (Calgary time) on 3 October 2016 | |
Closing and Effective Date: | 14.30 (Calgary time) on 4 October 2016 | |
Admission of Bacanora UK Shares to trading on AIM: | 5 October 2016 | |
Delisting of the Bacanora Canada Shares from the TSXV and cancellation from trading on AIM: | 5 October 2016 |
For further information, please contact:
Bacanora Minerals Ltd.
| Peter Secker, CEO | info@Bacanoraminerals.com
|
Cairn Financial Advisers LLP, Nomad
| Sandy Jamieson / Liam Murray
| +44 (0) 20 7148 7900 |
Numis Securities Ltd
| John Prior/James Black/Paul Gillam | +44 (0) 20 7260 1000 |
St Brides Partners, Financial PR Adviser
| Frank Buhagiar / Elisabeth Cowell | +44 (0) 20 7236 1177 |
ABOUT BACANORA:
Bacanora Canada 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 Canada are:
• The Sonora Lithium Project, which consists of ten mining concession areas covering approximately 100 thousand hectares in the northeast of Sonora State. The Company, through drilling and exploration work to date, has established an Indicated Mineral Resource (in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")) of 4.46 Mt LCE contained in 259 Mt of clay at a Li grade of 3,200 ppm and an Inferred Mineral Resource of 2.74 Mt LCE contained in 160 Mt of clay at a Li grade of 3,200 ppm.
• The Magdalena Borate Project, in Sonora state, Mexico, where the Company's main borate zone, El Cajon, has an Indicated Resource (in accordance with NI 43-101) of 1.17 Mt of B2O3, at an eight percent 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 prefeasibility 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