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REM reports holding in Bacanora Minerals at 11.68%
REM reports holding in Bacanora Minerals at 11.68%.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 4426N Rare Earth Minerals PLC 28 July 2014 \n\n28 July 2014\n \nRare Earth Minerals Plc.\n \n(\"Rare Earth Minerals\", \"REM\" or \"the Company\")\nREM reports holding in Bacanora Minerals at 11.68%\nNew Early Warning Report on TSX-V\nRare Earth Minerals (AIM: REM) announces that REM has filed an Early Warning Report (\"EWR\"), under the Canadian TSX-V rules, to highlight that as a result of Bacanora Minerals Ltd (\"Bacanora\") Placing and REM's further market purchases the Company now owns 11.69% of Bacanora's issued and outstanding shares. These on market purchase totalled £1,072,898 and were made on the 25 July 2014. The full EWR is shown below and it's reporting is a specific requirement of the TSX-V for REM as a plus 10% substantial shareholder of Bacanora.\nA copy of the early warning report pursuant to Canadian NI 62-103 required to be filed with the applicable securities commissions in connection with the acquisition of Shares described in this news release will be available for viewing under the Company's profile at www.sedar.com.\nThis interest, when aggregated with REM's 30% direct interest in the Fleur- El Sauz Lithium Joint Venture and the 10% direct interest in the 94,000 hectare Megalit Joint Venture, results in a total economic interest in Fleur- El Sauz of approximately 38.18% and a total economic interest in Megalit of approximately 20.51%.\nDavid Lenigas, The Company's Chairman, commented:\n\"The AIM admission and associated placing by Bacnaora has allowed a wider audience to participate in what I believe is a globally significant Lithium project. As part of our strategy to increase our exposure to the Sonora Lithium Project we have continued to purchase additional shares in Bacanora.\n- Ends -\nFor further information please contact: \nRare Earth Minerals plc +44 (0) 207 440 0647\nDavid Lenigas\nKiran Morzaria\n \nWH Ireland Limited (NOMAD & Joint Broker) ...