DJ Bacanora Lithium Raises $31 Mln From Largest Shareholder
By Jaime Llinares Taboada
Bacanora Lithium PLC said Friday that it has agreed to a $31 million equity investment from its shareholder and offtake partner Ganfeng Lithium Co., which will increase its stake in the company to 28.88% following a share issue.
The AIM-listed lithium development company said the board approved the issue of 53.3 million shares to Ganfeng at a price of 45 pence (, representing a 2% discount to the stock's 45.9-pence closing price on Thursday. The transaction is subject to approval from Chinese authorities.
Chief Executive Peter Secker said Bacanora will use the funds to strengthen its financial position as it heads towards the start of construction at its Sonora lithium project in Mexico.
Shares in Bacanora at 1036 GMT were up 0.10 pence, or 0.2%, at 46.00 pence.
Write to Jaime Llinares Taboada at firstname.lastname@example.org; @JaimeLlinaresT
(END) Dow Jones Newswires
February 05, 2021 05:49 ET (10:49 GMT)
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