Bacanora Lithium PLC Notice of AGM (6500T)
November 18 2019 - 1:00AM
UK Regulatory
TIDMBCN
RNS Number : 6500T
Bacanora Lithium PLC
18 November 2019
Bacanora Lithium plc / Index: AIM / Epic: BCN / Sector: Natural
Resources
18 November 2019
Bacanora Lithium plc ("Bacanora" or the "Company")
Notice of AGM
Bacanora Lithium plc (AIM: BCN), the London traded lithium
exploration and development company, is pleased to announce that
the Company's Annual General Meeting will be held at The Clubhouse,
8 St James's Square, London SW1Y 4JU, at 11am on 12 December
2019.
In support of the Company's ongoing commitment to minimise
unnecessary waste, the Notice of AGM, Form of Proxy, Deemed Consent
Letter and the Annual Accounts for the year to 30 June 2019 are
available for download on the Company's website at
www.bacanoralithium.com/investor-relations/2019-agm-documents/.
With regards to Resolutions 7 and 8 of the AGM documentation, in
which the Company seeks approval for the authority to issue up to
500m shares together with the disapplication of pre-emption rights,
the following points should be noted. The Feasibility Study
published in January 2018 detailed a Stage 1 Capital Cost of US$420
million for the Sonora Lithium Project ("Project"). The recent
29.9% equity investment by Ganfeng Lithium ("Ganfeng") and their
22.5% investment at the Project level, together with combined 100%
off-take agreements held by Ganfeng and Hanwa Corporation for Stage
1 of the Project, all demonstrate the strong support that both
these cornerstone investors have shown in the Project. Whilst the
Company continues to work with Ganfeng to optimise its capital
costs, it is anticipated that the final funding requirement for the
capital costs including contingency will remain in the range stated
in the Feasibility Study. In the last 18 months the Company has
secured a US$150 million debt facility and now has two strategic
cornerstone investors and off-takers. The Company also continues to
explore other avenues of funding. The share headroom sought will
allow the Company to raise any additional funding from the equity
market to support the construction of the Sonora Lithium Project.
The Company recognises the importance of giving its existing
shareholders the opportunity to participate in any fund-raising and
intends to include an open offer element of up to EUR8 million in
conjunction with any primary placing.
** ENDS **
For further information please visit www.bacanoralithium.com or
contact:
Bacanora Lithium plc Peter Secker, CEO info@bacanoralithium.com
Janet Blas, CFO
Cairn Financial Advisers +44 (0) 20 7213
LLP, Nomad Sandy Jamieson/Liam Murray 0880
-------------------------------- -------------------------
Citigroup Global Markets, Tom Reid/Patrick Evans/Matthew +44 (0) 20 7986
Broker Kenney 4000
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+44 (0) 20 7523
Canaccord Genuity, Broker James Asensio 8000
-------------------------------- -------------------------
St Brides Partners, Frank Buhagiar/Megan +44 (0) 20 7236
Financial PR Adviser Dennison 1177
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ABOUT BACANORA LITHIUM:
Bacanora owns ten mining concession areas covering approximately
100 thousand hectares in the northeast of Sonora State in Mexico.
Seven of these ten mining concessions (the "Sonora Lithium
Project"(1) ) were included in the Feasibility Study announced on
12 December 2017. The Company, through drilling and exploration
work to date, has established a Measured plus Indicated Mineral
Resource estimate of over 5 Mt (comprising 1.9 Mt of Measured
Resources and 3.1 Mt of Indicated Resources) of LCE(2) and an
additional Inferred Mineral Resource of 3.7 Mt of LCE. The
Company's Feasibility Study has established Proven Mineral Reserves
(in accordance with NI 43-101) of 1.67 Mt and Probable Mineral
Reserves of 2.85 Mt LCE and confirmed the economics associated with
becoming a 35,000 tpa lithium carbonate and 30,000 tpa SOP producer
in Mexico. In addition to the Sonora Lithium Project, the Company
also has a 50% interest in the Zinnwald Lithium Project and the
Falkenhain Licence in southern Saxony, Germany. Each of the
Zinnwald Lithium Project and the Falkenhain Licence are located in
a granite hosted Sn/W/Li belt that has been mined historically for
tin, tungsten and lithium at different times over the past 300
years. The strategic location of the Zinnwald Lithium Project and
the Falkenhain Licence provides close geographical proximity to the
German automotive and downstream lithium chemical industries.
1. Sonora Lithium Ltd ("SLL") is the operational holding company
for the Sonora Lithium Project and 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 is owned 77.5% by Bacanora
and 22.5% by Ganfeng Lithium Ltd. SLL also owns 70% of the El Sauz
and Fleur concessions, which are held by Mexilit S.A. de C.V.
("Mexilit").
2. LCE = lithium carbonate (Li(2) CO(3) ) equivalent; determined
by multiplying Li value in percent by 5.323 to get an equivalent
Li(2) CO(3) value in per cent. Use of LCE is to provide data
comparable with industry reports and assumes complete conversion of
lithium in clays with no recovery or process losses.
IMPORTANT NOTICE
The contents of this announcement have been prepared by and are
the sole responsibility of Bacanora.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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