Bacanora Minerals Limited (LON:BCN, CVE:BCN), the Mexico focused lithium group, updated further on Thursday the process to re-domicile in the UK from Canada.
The proposed reorganisation will see newly incorporated English company, Bacanora Lithium plc acquire the entire issued share capital of Bacanora Canada.
All existing shares in Bacanora will be exchanged for shares in Bacanora Lithium Plc (Bacanora UK), a new holding company.
Bacanora Canada intends to delist from the Toronto venture exchange and cancel the trading of the Bacanora Canada Shares on AIM.
Broker Investec said: "The majority of Bacanora’s shareholders are London based and hence it is no surprise that the company has chosen to focus solely on AIM.
"This, in combination with recent doubling in the market cap of Sirius to nearly £1bn, serves to illustrate that London’s appetite for mining is alive and well."
Bacanora's operations are based in Hermosillo in northern Mexico and its main assets are the Sonora lithium project, which consists of ten mining concessions and the Magdalena Borate project in Sonora state, Mexico.