https://www.miningweekly.com

Rare Earth Mineral lifts Bacanora stake to nearly 20%

21st September 2016

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

VANCOUVER (miningweekly.com) – Aim-listed Rare Earth Mineral (REM) has agreed to raise its stake in Aim- and TSX-V-listed lithium and borates company Bacanora Minerals to 19.8% through an ‘on-market’ transaction valued at £4.5-million.

The transaction is expected to close before month-end.

REM advised that it holds a 30% joint venture (JV) interest in a series of concessions, which are together known as the Sonora lithium project. REM advised that, by combining its equity stake in Bacanora and its JV interests, it has a 19.8% indirect stake in the La Ventana, La Ventana 1 and Megalit concessions.

It has an indirect 43.9% interest in the Mexalit subsidiary, which holds the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 concessions, and it has 43.9% of the Megalit subsidiary, which holds the Buenavista and San Gabriel concessions.

REM stated that it had met the conditions for a previously announced $15-million convertible loan. The company said it will announce the full completion of the fund-raise in due course. So far, $6.5-million cash has been released to the company under the loan arrangement, REM noted.

Edited by Samantha Herbst
Creamer Media Deputy Editor

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION