On February 3, 2021, Bacanora Lithium plc (AIM: BCN) ("Bacanora" or the "Company") announced the successful placing of new ordinary shares of £0.10 each in the share capital of the Company.
A total of 101,395,885 new ordinary shares in Bacanora were placed with institutional and professional investors by Citigroup Global Markets Limited, Canaccord Genuity Limited, WH Ireland Limited, for gross proceeds of approximately US$62 million (the "Placing"). In conjunction with the Placing, retail and other investors subscribed for 5,600,000 new ordinary shares pursuant to an offer made by the Company via the PrimaryBid platform ("Retail Offer"), raising additional gross proceeds of approximately US$3 million.
Together, the Placing and Retail Offer raised gross proceeds of approximately US$65 million through the issue of a total of 106,995,885 new ordinary shares. The Placing Shares and the Retail Offer Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares.
Gowling WLG Head of Natural Resources Charles Bond advised Bacanora with respect to this placing, alongside Sue Johnston and trainee solicitor Alistair Connor in London, and Tan Choon Leng and Jia Yun Teo in Singapore through our firm's exclusive association with JurisAsia LLC.