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Bacanora joins the AIM market
Jul 28, 2014

Bacanora Minerals LTD (Bacanora), today joined the AIM market having raised £4.75 million before expenses to finance further development of its operations based in Hermosillo in northern Mexico. In addition, it is proposed that certain existing shareholders will sell, in aggregate, 2,000,000 existing shares in the Company at the placing price.
 
Bacanora is an exploration-stage company that explores and develops industrial mineral projects with a primary focus on borates and lithium. The Company’s shares are currently listed on the TSX-V exchange in Toronto, Canada and will continue to be listed and traded on the TSX-V following Admission.
 
The Company’s two main projects are the Magdalena Borate Project and the Sonora Lithium Project. The Magdalena Borate Project in Sonora State, Mexico, has a National Instrument (NI) 43-101 compliant indicated resource of 1.17 million tonnes of borate. 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.
 
The Sonora Lithium Project, covers ten mining concession areas in North East Sonora State. The project through drilling work to date, has established an NI 43-101 compliant indicated resource of 2.68 million tonnes of lithium carbonate at a 2,000 parts per million cut-off grade attributable to Bacanora. With the additional drilling and other assessment work that is required, the Directors believe that the Company is well placed to increase the lithium resources of the Company and to establish the potential economic benefit of developing the mining area.
 
Bacanora has also constructed the Pilot Plant in Hermosillo, Sonora State, Mexico in order to conduct detailed metallurgy on core samples and run process tests to establish the optimum ore processing methods for both the Magdalena Borate Project and the Sonora Lithium Project.
 
Leading national audit, tax and advisory firm Crowe Clark Whitehill acted as reporting accountant to the transaction, with its capital markets team led by Robin Stevens and Paul Blythe.
 
Robin Stevens, partner at Crowe Clark Whitehill, said:
 
“We are delighted to have worked with Bacanora through the AIM admission process and we very much look forward to working with the team in the future during the next phase of the Group’s development.”
 

Colin Orr Ewing, Chairman of Bacanora, said:
 
“Crowe Clark Whitehill was a key part of our advisor team and have provided constructive and timely advice throughout the IPO process. We would recommend them to other companies seeking an admission to AIM. Strong personal relationships underpin the provision of high quality professional services in the City”