Bacanora Lithium PLC Exercise of Options and PDMR Dealing (4435A)

TIDMBCN

RNS Number : 4435A

Bacanora Lithium PLC

11 September 2018

Bacanora Lithium plc / Index: AIM / Epic: BCN / Sector: Natural Resources

Bacanora Lithium plc ("Bacanora" or the "Company")

Exercise of Options and PDMR Dealing

Bacanora, the London listed (AIM: BCN) lithium exploration and development company focused on Sonora, Mexico, has received notifications from option holders to exercise options over 100,000 new ordinary shares of 10p each in the Company ("Ordinary Shares") at a price of CAD$0.30 each. The options are being exercised at a price of CAD$0.30 per Ordinary Share for a total consideration of CAD$30,000.

Issue of Equity

Application has been made for the 100,000 new Ordinary Shares to be admitted to trading on AIM. Admission is expected to occur on or around 17 September 2018. These new Ordinary Shares will rank pari passu with the existing Ordinary Shares in issue. Following admission of the new Ordinary Shares, there will be 134,464,872 Ordinary Shares in issue. This number may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.

PDMR Dealing

The Company announces that it has received notification today of the sale of Ordinary Shares on behalf of Derek Batorowski, a Director of the Company. The sales occurred on Friday 7 September 2018 with 25,000 Ordinary Shares sold at a price of 37.25p and on Monday 10 September 2018 with 25,000 Ordinary Shares sold at a price of 37.50p. Following this sale, Mr Batorowski's beneficial interest in the Company's shares stands at 573,400 (0.43% of the Company's issued share capital). The above sale of Ordinary Shares follows the acquisition of 200,000 new ordinary shares in the Company pursuant to the exercise of options by Mr Batorowski. Please see announcement of 31 August 2018 for further details.

** ENDS **

For further information, please contact:

 
 Bacanora Lithium Plc        Peter Secker, CEO               [e-mail] 
 Cairn Financial Advisers    Sandy Jamieson / Liam                    [phone] 
  LLP, Nomad                  Murray                                             0880 
                            ------------------------------  ------------------------- 
 Canaccord Genuity,          Martin Davison / James                   [phone] 
  Broker                      Asensio                                            8000 
                            ------------------------------  ------------------------- 
 St Brides Partners,                                                  [phone] 
  Financial PR Adviser       Gaby Jenner / Frank Buhagiar                        1177 
                            ------------------------------  ------------------------- 
 

About Bacanora

The Sonora Lithium Project(1) , which consists of ten mining concession areas covering approximately 100 thousand hectares in the northeast of Sonora State. The Company, through drilling and exploration work to date, has established a Measured plus Indicated Mineral Resource estimate of over 5 Mt (comprising 1.9Mt of Measured Resources and 3.1Mt of Indicated Resources) of LCE(2) and an additional Inferred Mineral Resource of 3.7 Mt of LCE. The Company's Feasibility Study (which was announced 12 December 2017) 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 The Sonora Lithium Project is comprised of the following lithium properties: La Ventana lithium concession, which is 100 percent owned by Bacanora and El Sauz and Fleur concessions, which are held by Mexilit S.A. de C.V. ('Mexilit') which is owned 70 percent by Bacanora and 30 percent by Cadence Minerals Plc.

2 LCE = lithium carbonate (Li(2) CO(3) ) equivalent; determined by multiplying Li value in percent by 5.324 to get an equivalent Li(2) CO(3) 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.

 
                Notification of a Transaction pursuant to Article 19(1) of 
                 Regulation (EU) No. 596/2014 
 1                        Details of the person discharging managerial responsibilities/person 
                           closely associated 
---  ------------------  ------------------------------------------------------------------------------------------ 
 a.   Name                                                       Derek Batorowski 
                                              ----------------  --------------------------------------------------- 
 2    Reason for notification 
 a.   Position/Status                                            Director 
     ---------------------------------------  ----------------  --------------------------------------------------- 
 b.   Initial notification/                                      Initial Notification 
       Amendment 
     ---------------------------------------  ----------------  --------------------------------------------------- 
 3                        Details of the issuer, emission allowance market participant, 
                           auction platform, auctioneer or auction monitor 
     ------------------  ------------------------------------------------------------------------------------------ 
 a.   Name                                                       Bacanora Lithium plc 
     -------------------------------  ------------------------  --------------------------------------------------- 
 b.   LEI                                                        2138006JSN7VQUDINN66 
     -------------------------------  ------------------------  --------------------------------------------------- 
 4                        Details of the transaction(s): section to be repeated 
                           for (i) each type of instrument; (ii) each type of transaction; 
                           (iii) each date; and (iv) each place where transactions 
                           have been conducted 
---  ------------------  ------------------------------------------------------------------------------------------ 
 a.   Description of                                             Ordinary Shares of 10p each 
       the financial 
       instrument, type 
       of instrument 
                                                                  GB00BD20C246 
       Identification 
       Code 
     -------------------------------  ------------------------  --------------------------------------------------- 
 b.   Nature of the                    Sale of Ordinary Shares 
       transaction 
     -------------------------------  ----------------------------------------------------------------------------- 
 
 c.   Price(s) and                             Price(s)          Volume(s)      Date 
       volume(s) 
     -------------------------------          ----------------  -------------  ------------------------- 
                                               GBP0.3725         25,000         7 September 2018 
                                                GBP0.3750         25,000         10 September 2018 
                                              ----------------  -------------  ------------------------- 
 
 d.   Aggregated information            50,000 
       - Aggregated                      GBP0.3725-GBP0.3750 
       Volume 
       - Price 
     -------------------------------  ------------------------  --------------------------------------------------- 
 e.   Date of the transaction          7 September 2018 
                                        10 September 2018 
     -------------------------------  ----------------------------------------------------------------------------- 
 f.   Place of the                     Off market 
       transaction 
     -------------------------------  ----------------------------------------------------------------------------- 
 
 

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September 11, 2018 09:00 ET (13:00 GMT)