December 23, 2010 12:58 ET

Bacanora Announces Completion of $400,000 Financing

CALGARY, ALBERTA--(Marketwire - Dec. 23, 2010) - BACANORA MINERALS LTD. (TSX VENTURE:BCN) (the "Corporation" or "Bacanora") is pleased to announce that it has completed its recently announced offering of 2,000,000 common shares at a price of $0.20 for aggregate gross proceeds of $400,000. One Insider participated in this offering, subscribing for an aggregate of 500,000 common shares. The proceeds of this offering will be used for drilling and related activities on Bacanora's borate and lithium properties and for general working capital purposes. In accordance with applicable securities laws, the foregoing common shares are subject to a four-month hold period that will expire on April 24, 2010.

Forward Looking Statements

Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking statements are 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 projected in the forward-looking statements. Except as required by applicable securities requirements, the Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.

Contact Information

  • Bacanora Minerals Ltd.
    Paul Conroy
    President and Chief Executive Officer
    (403) 237-6122
    (403) 237-6144 (FAX)