London Stock Exchange today welcomed Bacanora Minerals to AIM
London Stock Exchange today welcomed Bacanora Minerals to AIM, marking the occasion with a welcome ceremony. Bacanora Minerals joins AIM through a placing of 14,393,940 new ordinary shares at a price of 33 pence per share. On admission the Company had a market capitalisation of approximately £26 million and has 78,265,661 common shares in issue.
Bacanora Minerals was incorporated in 2008 and explores and develops borates and lithium. The Company’s operations are based in Hermosillo in northern Mexico and the Company currently has two significant projects under development, its primary high grade borate project and a large tonnage lithium project.
The Company’s oversubscribed placing raised £4.75 million and these funds will enable the Company to produce a pre-feasibility report to confirm the economic feasibility of the El Cajon borate deposit.
Colin Orr-Ewing, Chairman of Bacanora Minerals, said, "Today’s admission to AIM marks a significant milestone in the Company’s development. Bacanora has built its business on two quality assets and a management team with a wealth of experience in Mexico. We view the support from investors as a strong endorsement of the Company's growth plans and believe we represent an exciting investment proposition for investors to gain exposure to two exciting markets, in borate and lithium.
The placing funds will allow the Company to further develop our understanding of our two assets and significantly allow us to complete a thorough assessment of the economic viability of producing boric acid at a commercial grade and scale at the El Cajon borate deposit."
Cairn Financial Advisers LLP is acting as Nominated Adviser to the Company and HD Capital Partners LLP is acting as Financial Adviser and Broker.