24th Sep 2021 11:15
24 September 2021
Bacanora Lithium plc
("Bacanora" or the "Company")
Result of General Meeting
Bacanora Lithium plc (AIM: BCN), a lithium development company, announces that at its general meeting ("GM") held earlier today, both resolutions were duly passed, as follows:
Resolution | Votes for | Votes Against |
| Withheld |
Special Resolution | Shares | Shares | % Approval | Shares |
1. That the Company's share premium account be cancelled | 232,473,445 | 2,361,565 | 99.0% | 147,939 |
Ordinary Resolution |
|
|
|
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2. That the distribution of the 90,619,170 shares in Zinnwald Lithium Plc be approved, subject to satisfaction of the outstanding distribution conditions. | 232,666,366 | 2,178,406 | 99.1% | 138,177 |
The making of the Distribution is subject to the following remaining conditions (none of which is capable of waiver by the Company), being:
1. the approval by the High Court of the Reduction;
2. the approval by RK Mine Finance Bermuda 3 Limited ("Red Kite"), under the terms of the Company's US$150m senior debt facility with Red Kite, of the reduction of share capital and the distribution of the shares in Zinnwald Lithium Plc., which the Company is in the process of discussing with Red Kite;
3. the offer from Ganfeng International Trading (Shanghai) Limited, as made to shareholders on 15 September 2021, becoming or being declared unconditional; and
4. the expiry (on 29 October 2021) of the regulatory lock-in restrictions relating to the transfer of Zinnwald Shares that are currently applicable to the Company.
** ENDS **
For further information please visit www.bacanoralithium.com or contact:
Bacanora Lithium plc Peter Secker, CEO Janet Blas, CFO
| |
Cairn Financial Advisers LLP, Nomad Sandy Jamieson / Liam Murray
| +44 (0) 20 7213 0880 |
Citigroup Global Markets, Joint Broker Tom Reid / Andrew Miller-Jones / Matthew Kenney
| +44 (0) 20 7986 4000 |
Canaccord Genuity, Joint Broker James Asensio / Thomas Diehl
| +44 (0) 20 7523 8000 |
Tavistock, Financial PR Adviser Jos Simson / Nick Elwes / Oliver Lamb | +44 (0) 20 7920 3150 |
Notes to editors
Bacanora Lithium Plc is an AIM-listed (ticker 'BCN') lithium development company. The Company is focused on building, in collaboration with its major shareholder and offtake partner, Ganfeng Lithium (the world's largest lithium metals producer), a 35,000 tonne per annum open pit lithium carbonate operation at its flagship asset, the Sonora Lithium Project in Mexico. The Sonora Lithium Project has 8.8 million tonnes of lithium carbonate (Li2CO3) equivalent resources, with an approximate 250-year resource life, as detailed in its December 2017 Feasibility Study.
Sonora Lithium Ltd ("SLL") is the operational holding company for the Sonora Lithium Project and is owned 50% by Bacanora and 50% by Ganfeng Lithium Co., Ltd. SLL owns 100% of the La Ventana concession. The La Ventana concession accounts for 88% of the mined ore feed in the Sonora Feasibility Study which covers the initial 19 years of the project mine life. SLL also owns 70% of the El Sauz and Fleur concessions.
Bacanora also owns 35.5% of Zinnwald Lithium Plc (AIM: ZNWD), which in turn owns the Zinnwald Lithium Project and the Falkenhaim, Altenberg and Sadisdorf Licences in southern Saxony, Germany.
Important notice
The contents of this announcement have been prepared by and are the sole responsibility of Bacanora.
Related Shares:
BCN.L