TIDMBCN
RNS Number : 3203R
Bacanora Minerals Ltd
20 September 2017
20 September 2017
Bacanora Minerals Ltd
('Bacanora' or the 'Company')
Restricted Share Plan and Director Dealings
Bacanora, the London and Canadian listed (AIM: BCN, TSXV: BCN)
lithium exploration and development company, announces the
implementation of a restricted share unit plan (the 'RSU Plan')
along with the grant of an aggregate of 1,192,277 restricted share
units thereunder (each, an 'RSU') and the grant of an aggregate of
2,227,410 options to acquire common shares in the capital of
Bacanora at a price of GBP0.80 (approximately C$1.32) pursuant to
the Stock Option Plan of the Company.
RSU Plan
In order to further align the interests of the Company's senior
executives, key employees, consultants and directors with those of
the shareholders of the Company, the Board of Directors has
approved the implementation of the RSU Plan, subject to receipt of
final approval by the TSX Venture Exchange and ratification by the
Company's shareholders at the next annual meeting thereof. The TSX
Venture Exchange has granted conditional acceptance of the RSU
Plan, subject to confirmation of shareholder ratification. Under
the RSU Plan, eligible persons may (at the discretion of the Board)
be allocated a number of RSUs as the Board deems appropriate, with
vesting provisions also to be determined by the Board, subject to a
maximum vesting term of three (3) years from the end of the
calendar year in which RSUs were granted. Upon vesting, eligible
participants shall be entitled to a cash payment equal to the
number of RSUs granted, multiplied by the fair market value of the
Company's common shares on the redemption date. The Company shall
also have the option (at the discretion of the Board) to settle
amounts owing to eligible persons via the issuance of common shares
of the Company.
The maximum number of RSUs issuable under the RSU Plan is fixed
at 13,190,653 (being 10% of the issued and outstanding common
shares as of today's date), provided however that at no time may
the number of RSUs issuable under the RSU Plan, together with the
number of common shares issuable under options that are outstanding
under the Company's Stock Option Plan, exceed 10% of the issued and
outstanding common shares as at the date of a grant under the RSU
Plan or the Stock Option Plan, as the case may be.
Further details regarding the RSU Plan and all awards made
thereunder will be set out in the management information circular
and proxy statement of the Company that will be delivered to
shareholders in respect of the Company's next annual meeting of
shareholders. A copy of the RSU Plan will also be available under
the Company's corporate profile at www.sedar.com.
RSU Grants
The Company has granted an aggregate of 1,192,277 RSUs to the
Chairman of the Board and to the Chief Executive Officer of the
Company, each based on a common share value of GBP0.80
(approximately C$1.32), with vesting occurring on the date that is
three (3) years from the date of grant, being September 19, 2020.
All of the RSUs (and any common shares issuable upon redemption)
will be subject to applicable securities law hold periods.
Option Grants
All of the aforementioned 2,227,410 stock options have been
granted to directors, officers and senior management members of the
Company and its subsidiaries. Such options vest as to 1/3 on the
date of grant and an additional 1/3 on each of the first and second
anniversaries of the date of grant and are exercisable for a period
of three (3) years. All of the options granted today (and the
common shares issuable upon exercise) will be subject to applicable
securities law hold periods.
Summary of Director Dealings
The following is a summary of stock options and RSUs granted to
directors, both pre- and post-grant:
Individual Number of Number Number Number
shares held of options of RSUs of options
prior to held prior granted granted
announcement to announcement at announcement at announcement
----------------- -------------- ----------------- ----------------- -----------------
Mark Hohnen 1,514,951 3,249,900* 557,843 224,910
----------------- -------------- ----------------- ----------------- -----------------
Jamie Strauss 102,857 750,000 - 750,000
----------------- -------------- ----------------- ----------------- -----------------
Andres Antonius - 500,000 - 750,000
----------------- -------------- ----------------- ----------------- -----------------
Raymond
Hodgkinson 763,550 200,000 - 100,000
----------------- -------------- ----------------- ----------------- -----------------
*1,000,000 of these options are held by a private company that
is controlled by Mr. Hohnen.
For further information, please contact:
Bacanora Minerals Peter Secker, CEO info@bacanoraminerals.com
Ltd.
--------------------- ----------------------- --------------------------
Cairn Financial
Advisers LLP, Sandy Jamieson/Liam +44 (0) 20
Nomad Murray 7213 0880
--------------------- ----------------------- --------------------------
Canaccord Genuity, Martin Davison, James +44 (0) 20
Broker Asensio 7523 8000
--------------------- ----------------------- --------------------------
St Brides Partners,
Financial PR +44 (0) 20
Adviser Frank Buhagiar 7236 1177
--------------------- ----------------------- --------------------------
ABOUT BACANORA:
Bacanora is a Canadian and London listed lithium exploration and
development company (TSX-V: BCN and AIM: BCN). The Company is
exploring for, and developing a pipeline of international lithium
projects, with a primary focus on the Sonora Lithium Project. The
Company's operations are based in Hermosillo in northern Mexico.
The Company is led by a team with lithium expertise and proven mine
development, construction and operations experience.
The Sonora Lithium Project, which consists of ten mining
concession areas covering approximately 100 thousand hectares in
the northeast of Sonora State. The Company, through drilling and
exploration work to date, has established an Indicated Mineral
Resource (in accordance with National Instrument 43-101 - Standards
of Disclosure for Mineral Projects ('NI 43-101')) of 4.5 million
tonnes (LCE(1) ) and 2.7 million tonnes Inferred(2) . A
Pre-Feasibility Study completed in Q1 2016(3) demonstrated the
economics associated with becoming a 35,000 tpa lithium carbonate
and 50,000 tpa SOP producer in Mexico.
In addition to the Sonora Lithium Project, the Company also has
a 50% interest in the Zinnwald Lithium Project in southern Saxony,
Germany. The Zinnwald Lithium Project is located in a granite
hosted Sn/W/Li belt that has been mined historically for tin,
tungsten and lithium at different times over the past 300 years.
The strategic location of the Zinnwald Lithium Project allows
immediate access to the German automotive and downstream lithium
chemical industries.
1 LCE = lithium carbonate (Li(2) CO(3) ) equivalent; determined
by multiplying Li value in percent by 5.324 to get an equivalent
Li(2) CO(3) value in per cent. Use of LCE is to provide data
comparable with industry reports and assumes complete conversion of
lithium in clays with no recovery or process losses.
2 See Amended Mineral Resource Estimate for the Sonora Lithium
Project, Mexico, April 2016. The lead author of the amended report
is Mr. Martin Pittuck (MSc., C.Eng., FGS, MIMMM) of SRK Consulting
(UK) Limited ('SRK'). A copy of this report is available under
Bacanora's corporate profile at www.sedar.com.
3 See Technical Report on the Pre-Feasibility Study for the
Sonora Lithium Project, Mexico, 15 April 2016. The authors of the
PFS are Ausenco Limited, SRK and Independent Mining Consultants
Inc. A copy of this report is available under Bacanora's corporate
profile at www.sedar.com.
FORWARD LOOKING STATEMENTS:
Except for statements of historical fact, this news release
contains certain "forward-looking information" within the meaning
of applicable securities law. Forward-looking information is
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. In particular, forward-looking information
in this press release includes, but is not limited to obtaining
required approvals in respect of the RSU Plan and the potential
future redemption of RSUs. Although we believe that the
expectations reflected in the forward-looking information are
reasonable, there can be no assurance that such expectations will
prove to be correct. We cannot guarantee future results,
performance or achievements. Consequently, there is no
representation that the actual results achieved will be the same,
in whole or in part, as those set out in the forward-looking
information.
Forward-looking information is based on the opinions and
estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
information. Some of the risks and other factors that could cause
the results to differ materially from those expressed in the
forward-looking information include, but are not limited to:
commodity price volatility; general economic conditions in Canada,
the United States, Mexico and globally; industry conditions,
governmental regulation, including environmental regulation;
unanticipated operating events or performance; failure to obtain
industry partner and other third party consents and approvals, if
and when required; the availability of capital on acceptable terms;
the need to obtain required approvals from regulatory authorities;
stock market volatility; competition for, among other things,
capital, skilled personnel and supplies; changes in tax laws; and
the other risk factors. Readers are cautioned that this list of
risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release
is expressly qualified by this cautionary statement. We undertake
no duty to update any of the forward-looking information to conform
such information to actual results or to changes in our
expectations except as otherwise required by applicable securities
legislation. Readers are cautioned not to place undue reliance on
forward-looking information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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