May 04, 2009 18:05 ET

Bacanora Announces Completion of Initial Public Offering

CALGARY, ALBERTA--(Marketwire - May 4, 2009) - Bacanora Minerals Ltd. (the "Corporation" or "Bacanora") (TSX VENTURE:BCN.P), a capital pool company, is pleased to announce that it has completed its initial public offering of 1,935,500 common shares at the price of $0.20 per common share and has filed for listing as a Capital Pool Company on the TSX Venture Exchange. Union Securities Ltd. acted as agent on the offering. The common shares of Bacanora are expected to commence trading on the TSX Venture Exchange at the opening of markets on approximately Thursday, May 7, 2009 under the trading symbol "BCN.P".

As a result of the closing of this offering, Bacanora now has 4,785,500 common shares issued and outstanding (2,850,000 of which are subject to escrow restrictions), 154,840 common shares reserved for issuance upon the exercise of agent's options granted upon completion of the IPO and 400,000 common shares reserved for issuance upon the exercise of stock options.

Bacanora's board of directors and management team is comprised of the following individuals: Paul Conroy (President, CEO and a director), Derek Batorowski (CFO, Corporate Secretary and a Director), Raymond Hodgkinson (Director) and George Jones (Director).

Other Information

Except for statements of historical fact relating to the Corporation, certain information contained herein may constitute 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) 697-4005
    (403) 263-0271 (FAX)