CALGARY, ALBERTA--(Marketwired - June 25, 2014) - BACANORA MINERALS LTD. (TSX VENTURE:BCN) ("Bacanora" or the "Company") is pleased to announce the principal terms of its previously announced brokered financing that is expected to be completed in conjunction with its application for the admission of its common shares to trading on the AIM Market of the London Stock Exchange ("AIM"). Bacanora intends to offer up to £4,750,000 of common shares at a price of 0.33p per share. Using a foreign exchange rate of £1.00 = C$1.834, the offering price per security will be approximately C$0.605 and the aggregate gross proceeds of securities offered is expected to be up to approximately C$8,708,334. If fully subscribed, an aggregate of up to 14,393,940 common shares will be issued to subscribers under the offering in addition to shares and warrants that are expected to be issued to the Company's brokers and Nominated Advisor upon completion of the financing and admission onto AIM of the Company's common shares. The proceeds of the offering will be used to cover the expenses associated with the AIM listing and to fund the preparation of a pre-feasibility study on the Company's Magdalena Borate Project, for the continuation of the Company's work program to establish the economic potential of the Sonora Lithium Project and for general working capital purposes.
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