Business
Bacanora announces terms of equity offering
Bacanora announces terms of equity offering.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 6163K Rare Earth Minerals PLC 26 June 2014 \n \n\n26 June 2014\n \nRare Earth Minerals Plc.\n \n(\"Rare Earth Minerals\" or \"REM\")\n \nBacanora Minerals announces principal terms of equity offering\n \nRare Earth Minerals Plc (LSE AIM: REM) notes that REM's Joint Venture Partner Bacanora Minerals Ltd, in which REM holds an 11.27% stake, has today made the following announcement:\n \nBACANORA ANNOUNCES PRINCIPAL TERMS OF EQUITY OFFERING\n \nBACANORA MINERALS LTD. (\"Bacanora\" or the \"Company\") is pleased to announce the principal terms of its previously announced brokered financing that is expected to be completed in conjunction with its application for the admission of its common shares to trading on the AIM Market of the London Stock Exchange (\"AIM\"). Bacanora intends to offer up to £4,750,000 of common shares at a price of 0.33p per share. Using a foreign exchange rate of £1.00 = C$1.834, the offering price per security will be approximately C$0.605 and the aggregate gross proceeds of securities offered is expected to be up to approximately C$8,708,334. If fully subscribed, an aggregate of up to 14,393,940 common shares will be issued to subscribers under the offering in addition to shares and warrants that are expected to be issued to the Company's brokers and Nominated Advisor upon completion of the financing and admission onto AIM of the Company's common shares. The proceeds of the offering will be used to cover the expenses associated with the AIM listing and to fund the preparation of a pre-feasibility study on the Company's Magdalena Borate Project, for the continuation of the Company's work program to establish the economic potential of the Sonora Lithium Project and for general working capital purposes.\n \n- Ends -\nFor further information please contact: \nRare Earth Minerals plc +44 (0) 207 440 0647\nDavid Lenigas\nKiran Morzaria\n \nWH Ireland Limited...