Finance > Project-finance

Bacanora £30m financing delay

Lithium developer Bacanora Minerals (LN:BCN) has missed a closing deadline for a major financing it announced after the Sonora feasibility study release, although says the deal is still going ahead.

Finance > Project-finance

Bacanora £30m financing delay

Lithium developer Bacanora Minerals (LN:BCN) has missed a closing deadline for a major financing it announced after the Sonora feasibility study release, although says the deal is still going ahead.

Bacanora £30m financing delay

Go team: Bacanora has a plant in place for the Sonora project as it works toward an investment decision

Bacanora said in December it would hand NextView Capital just under 20% of the company in exchange for US$42.7 million and rights to 5,000 tonnes per annum of lithium carbonate when phase one of the $800 million Mexican clay project is up and running.

The developer said this week it had missed the end-of-January completion date without giving a reason for the delay.

"The previously estimated date for completion is being extended and both parties remain committed to proceeding with the placing," Bacanora said.

"Further timing updates will be provided as and when available."

Bacanora investors were not pleased with the deal delay, pushing shares in London down 6.8% when the market opened to £1.10 (US$1.57) per share.  

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