December 03, 2010 17:28 ET

Bacanora Announces Financing Increase to $400,000

CALGARY, ALBERTA--(Marketwire - Dec. 3, 2010) - BACANORA MINERALS LTD. (the "Corporation" or "Bacanora") (TSX VENTURE:BCN) is pleased to announce that the gross proceeds to be raised from its recently announced proposed private placement financing (see Bacanora's press release dated December 1, 2010) have been increased from $300,000 to $400,000. The financing will consist of the issuance of up to 2,000,000 common shares of the Corporation at a price of $0.20 per common share. 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. All of the securities to be issued pursuant to the private placement will be subject to 4-month hold periods in accordance with applicable securities laws and regulatory policies. Completion of the private placement is subject to the approval of the TSX Venture Exchange.

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)