Bacanora Lithium plc (AIM:BCN), a lithium development company, is pleased to announce a retail offer for subscription via PrimaryBid of new ordinary shares (the “Retail Shares”) of £0.10 each in the Company (the “Retail Offer”).

As separately announced today, the Company is also conducting a non-pre-emptive placing of new ordinary shares (the “PlacingShares”) in the capital of the Company (the “Placing”) by way of an accelerated bookbuilding process (the “Bookbuilding Process”) at a price of 45 pence per Placing Share (the “Placing Price”).

Applications have been made to the London Stock Exchange plc (the “London Stock Exchange”) for the admission of the Retail Shares and the Placing Shares to trading on AIM (together, “Admission”).

Settlement for the Retail Shares and Admission is expected to take place on or around 8.00 a.m. on 8 February 2021 . The Retail Offer will not be completed without the Placing also being completed. The Retail Offer is conditional, among other things, on Admission becoming effective and the Placing Agreement entered into by the Company not being terminated in accordance with its terms prior to Admission.

The Company will use the net proceeds of the Retail Offer to support the development of its lithium project in Sonora, Mexico and for general working capital.

The Retail Offer

Whilst the Placing has been structured as a non-pre-emptive offer, the Company values its retail investor base and recognises the importance of pre-emption rights in the UK listed company environment and is therefore pleased to provide retail investors the opportunity to participate in the Company’s equity fundraising alongside the Placing.

Members of the public may participate in the Retail Offer by applying exclusively through the PrimaryBid platform and the PrimaryBid mobile app available on the Apple App Store and Google Play. PrimaryBid does not charge investors any commission for this service.

The Retail Offer, via the PrimaryBid platform, will be open to retail investors with immediate effect following release of this Announcement. The Retail Offer will close at the same time as the Bookbuilding Process is completed. The Retail Offer may close early if it is oversubscribed.

The Company in consultation with PrimaryBid reserves the right to scale back any order at its discretion. The Company and PrimaryBid reserve the right to reject any application for subscription under the Retail Offer without giving any reason for such rejection.

No commission will be charged to investors on applications to participate in the Retail Offer made through PrimaryBid. It is important to note that once an application for the Retail Shares has been made and accepted via PrimaryBid, that application is irrevocable and cannot be withdrawn.

For further information on PrimaryBid or the procedure for applications under the Retail Offer, visit www.PrimaryBid.com or call PrimaryBid on +44 20 3026 4750.

The Retail Shares, if issued, will be free of all liens, charges and encumbrances and will, if issued, be fully paid and will rank pari passu in all respects with the Company’s existing ordinary shares, including, without limitation, the right to receive dividends and other distributions declared, made or paid after the date of issue.

This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (“MAR”). Upon the publication of this Announcement, this inside information is now considered to be in the public domain.

In the TV Clip below, CEO Peter Secker provides an overview of the Bacanora and their development plans for Sonora