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Notice of AGM

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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 €8 million in conjunction with any primary placing. 

 

 

** ENDS **

 

For further information please visit www.bacanoralithium.com or contact:

 

Bacanora Lithium plc

Peter Secker, CEO

Janet Blas, CFO

[email protected]

Cairn Financial Advisers LLP, Nomad

Sandy Jamieson/Liam Murray

 

+44 (0) 20 7213 0880

Citigroup Global Markets, Broker

Tom Reid/Patrick Evans/Matthew Kenney

+44 (0) 20 7986 4000

Canaccord Genuity, Broker

 

James Asensio

 

+44 (0) 20 7523 8000

St Brides Partners, Financial PR Adviser

Frank Buhagiar/Megan Dennison

+44 (0) 20 7236 1177

 

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 LCE2 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 (Li2CO3) equivalent; determined by multiplying Li value in percent by 5.323 to get an equivalent Li2CO3 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 [email protected] or visit www.rns.com.
 
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