Business
Update - Bacanora Minerals
Update - Bacanora Minerals.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 7169T Cadence Minerals PLC 05 July 2018 \n\nCadence Minerals Plc\n(\"Cadence Minerals\", \"Cadence\" or \"the Company\")\n \nBacanora Lithium announces a US$150m Debt Funding\nSecured as Part of Sonora Lithium Project Funding\n \nCadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Bacanora Lithium plc (AIM: BCN), the London-listed lithium company, has today announced a S$150 million senior debt facility with RK Mine Finance (\"RK\"), a leading specialist in the provision of senior debt capital to mining companies, for the development of Stage 1 of the Sonora Lithium Project in Mexico, an initial 17,500tpa lithium carbonate (\"Li2CO3\") operation.\nFurthermore, the Cadence team note the Bacanora's comments that the competitive terms of the RK Facility provide further validation of the quality of Sonora's battery grade (+99.5%) Li2CO3 product and its potential to become a leading supplier of high-value lithium products to fast-growing industries such as electric vehicles and energy storage.\nHighlights\n· US$150 million senior debt facility secured with leading specialist finance provider at competitive rates\n· Follows favourable Feasibility Study which assigned a pre-tax US$1.253 billion NPV8 to the Sonora Lithium Project\n· Advanced discussions with off-take partner and other strategic investors to complete the proposed Stage 1 development funding package\nBacanora is a lithium exploration and development company. Cadence has an approximately 8% of Bacanora's equity and 30% of Mexalit and Megalit joint venture companies. Mexalit is the owner of the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 mineral concessions, which forms part of the 20-year mine plan of the Sonora Lithium Project in Northern Mexico and the\nLink to the full Bacanora announcement here:\nhttps://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BCN/13706249.html\nCadence Minerals CEO Kiran Morzaria commented:\n\"On behalf of myself and the Cadence team, we are genuinely excited that Bacanora has secured a senior debt funding package of this size.\"\n\"Bacanora's CEO Peter Secker rightly points out the relative dearth of debt facilities across the junior resource space in recent years, and the fact that the facil...