Bacanora Minerals issues shares to battery chemical trader Hanwa

Lithium exploration and development company Bacanora Minerals announced the issue of 12,333,261 new common shares of no par value to Hanwa on Tuesday, which it described as “a leading Japan-based global trading company” and one of the larger traders of battery chemicals in the Asian region.

The AIM and TSX-V traded firm said the shares represented 10% of the enlarged issued share capital of the company, and were being issued at a price of 82.5p per share to raise approximately £10.18m for Bacanora, pursuant to its offtake agreement with Hanwa for battery grade lithium carbonate at its Sonora lithium project in Mexico.

Application had been made for the new common shares to be admitted to trading on AIM, the board confirmed, and dealings were expected to commence on or around 5 May.

“Following the issue of the new common shares, the total number of common shares in issue is 123,332,614 common shares, each with voting rights,” Bacanora’s board confirmed in a statement.

“There are no shares held in treasury.

“Therefore, the total number of voting rights in the company is 123,332,614.”