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Bacanora Minerals directors pick up more shares amid Cadence Minerals stake sale

Cadence sold 8.9mln shares in the group - or 6.75% of the capital, but still holds a 9.3% interest in Bacanora
Bacanora Minerals directors pick up more shares amid Cadence Minerals stake sale
Two of Bacanora's board members bought shares

Bacanora Minerals Ltd (LON:BCN, CVE:BCN) said Cadence Minerals Plc (LON:KDNC) has sold part of its stake in the group to an existing institutional investor and directors at Bacanora.

Cadence sold 8.9mln shares in the group - or 6.75% of the capital, but still holds a 9.3% interest in Bacanora.

Bacanora chairman Mark Hohnen bought 714,285 shares and now holds 1.15% of the capital, while director James Strauss purchased 42,857 and now holds 0.08%.

"We welcome the purchase of existing shares in Bacanora by institutional investors and members of the board," said Bacanora's chief executive Peter Secker.

Sonora Project in Mexico

"Having a shareholder register which already includes a number of blue chip institutions as well as a strategic partner in the form of leading Japanese trading house Hanwa will be invaluable, as the feasibility study at the Sonora Project in Mexico nears completion and we move closer to the construction phase of what we believe will be a world class lithium operation.

READ: Bacanora Minerals strengthens board as feasibility studies progress

"The company remains on course with our objective to become a supplier of battery grade lithium carbonate to fast growing industries such as electric vehicles and energy storage, and I look forward to providing further updates on our progress in the months ahead."

Secker thanked Cadence for its contribution to the firm's development and that he looked forward to continue working with them.

Broker Shore Capital highlighted that last month Bacanora said it was expecting to complete the fully-funded Feasibility Study (FS) on its flagship Sonora lithium project in Mexico by the end of 2017.

It is targeting first production in 2019-2020, following an 18 month build programme and preliminary discussions have also begun with other debt providers for “more traditional” project financing packages, it added.

Shares on Friday eased 2% to 79.84p in London.

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