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Provider: Reuters Investment Profile

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Bacanora Minerals Ltd Announces Closing Of $3.5 Million Private Placement

Tuesday, 26 Mar 2013 12:39pm EDT 

Bacanora Minerals Ltd announced that the Company has closed its previously announced private placement financing of 11,666,667 units of the Company at a price of $0.30 per unit for aggregate gross proceeds of $3,500,000. Each unit consists of one common share and one-half of one common share purchase warrant, with each whole warrant being exercisable into one common share at a price of $0.45 for a period of five (5) years. The principal subscriber under the offering is Igneous Capital Limited, which has subscribed for 10,000,000 units for gross proceeds of $3,000,000. As a result of this subscription, Igneous is considered to be an Insider of the Company by virtue of its holdings of more than 10% of the outstanding voting shares of Bacanora. Accordingly, the shares and warrants issuable to Igneous upon closing are currently being held in trust, pending final TSX Venture Exchange approval following completion of standard background checks and related reviews by the Exchange. It is expected that the proceeds of this offering will be used to further exploration on the Company's Borate and Lithium programs and for general working capital purposes. 

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