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| Home : Bacanora Announces TSX-V Conditional Approval of Equity Offering |
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Jun 27
2014 |
Bacanora Announces TSX-V Conditional Approval of Equity Offering |
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CALGARY, ALBERTA--(Marketwired - June 26, 2014) - BACANORA MINERALS LTD. (TSX VENTURE:BCN) ("Bacanora" or the "Company") is pleased to announce that the TSX Venture Exchange (the "TSX-V") has granted conditional approval in respect of its previously announced brokered financing that is expected to be completed in conjunction with its application for the admission of its common shares to trading on the AIM Market of the London Stock Exchange ("AIM"). In accordance with TSX-V rules, this approval authorizes Bacanora to collect subscriptions from placees and to close its financing in one or more tranches. Final TSX-V acceptance is subject to delivery (following closing and in any event prior to August 24, 2014) of final TSX-V forms and confirmation that the financing has been conducted in accordance with TSX-V rules. Bacanora intends to offer up to £4,750,000 of common shares at a price of £0.33 per share under this financing. Using a foreign exchange rate of £1.00 = C$1.834, the offering price per security will be approximately C$0.605 and the aggregate gross proceeds of securities offered is expected to be up to approximately C$8,708,334. The proceeds of the offering will be used to cover the expenses associated with the AIM listing and to fund the preparation of a pre-feasibility study on the Company's Magdalena Borate Project, for the continuation of the Company's work program to establish the economic potential of the Sonora Lithium Project and for general working capital purposes. |
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| Source:http://www.marketwired.com/mw/release.do?id=1925121&sourceType=3 |
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