leadf
logo-loader
viewCadence Minerals PLC

Rare Earth backs Bacanora Minerals' fundraise

Bacanora plans to use funds raised to advance the Sonora lithium project in Mexico

Tesla,_electric_car,_battery,_Lithium_5649b0b36bf8a.png
Bacanora is ramping up Sonora after deal to supply lithium battery giant Tesla Motors

Rare Earth Minerals (LON:REM) has maintained its 17.2% interest in Mexican lithium explorer Bacanora Minerals (LON:BCN, CVE:BCN) after the latter raised £8.8mln in a placing.

REM bought 1.9mln shares in the issue at 77p per share, for about £1.5mln.

Bacanora plans to use the funds raised to advance the Sonora lithium project in Mexico, which is potentially one of the largest lithium resources in the world.

REM and joint venture partner Bacanora are stepping up the pace at Sonora following its supply deal with lithium battery giant Tesla Motors (NASDAQ:TSLA).

The project contains a combined indicated and inferred mineral resources of around 7.42mln tonnes of lithium, according to estimates.

David Lenigas, REM’s executive chairman, said Bacanora was entering “an exceptionally busy period” in the run-up to the pre-feasibility study.

Quick facts: Cadence Minerals PLC

Price: 14.5 GBX

AIM:KDNC
Market: AIM
Market Cap: £21.45 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Clarity Gold Corp focus turns to Quebec with the acquisition of the Destiny...

Clarity Gold Corp (CSE: CLAR- OTC: CLGCF) CEO James Rogers joined Steve Darling from Proactive with news the company has made a major acquisition in the Quebec region picking a very interesting project called Destiny. Rogers talked about what they liked about the project and some of the work...

3 hours, 13 minutes ago

2 min read