Igneous Capital Limited

October 14, 2014 18:45 ET

Igneous Capital Limited Exercises Warrants to Acquire Shares of Bacanora Minerals Ltd.

CALGARY, ALBERTA--(Marketwired - Oct. 14, 2014) - Igneous Capital Limited ("Igneous" or the "Offeror") issues this press release pursuant to Part 3 - Early Warning Requirements of National Instrument 62-103 with respect to Bacanora Minerals Ltd. (the "Issuer" or "Bacanora").

On October 9, 2014, the Offeror exercised 5,000,000 previously held common share purchase warrants and acquired 5,000,000 common shares of the Issuer (each, a "Common Share") at a price of $0.45 per Common Share.

The Common Shares acquired by Igneous represent approximately 5.95% of the current issued and outstanding Common Shares of Bacanora. Prior to this transaction, Igneous held 10,000,000 Common Shares of Bacanora. Following this transaction, Igneous will hold an aggregate of 15,000,000 Common Shares (17.87% of the outstanding Common Shares of Bacanora).

These securities were acquired for investment purposes only. In the future, Igneous may acquire additional securities of Bacanora, dispose of some or all of the securities that it now owns or exerts control or direction over, or may continue to hold its current position. The warrants that were previously acquired by Igneous were exempted from securities legislation under Alberta Securities Commission Rule 72-501 - Distributions to Purchasers Outside Alberta. Similarly, the exercise of the warrants into Common Shares is exempt from prospectus and registration requirements in Alberta.

Graham Edwards of London, United Kingdom, is the ultimate beneficial owner of Igneous and is considered a "joint actor" within the meaning of applicable securities laws. Mr. Edwards is also one of the potential beneficiaries of a trust that owns D&A Income Limited, which owns 5,303,030 Common Shares representing 6.8% per cent. of the issued share capital of the Issuer.

The Common Shares trade under the trading symbol "BCN" on the TSX Venture Exchange and on the AIM Market of the London Stock Exchange.

For further information or to receive a copy of the early warning report filed by Igneous with securities regulatory authorities in Canada in connection with this press release, please contact Guy Walker, Company Secretary for Igneous at +642 1124 1391.

Contact Information

  • Igneous Capital Limited
    Guy Walker
    Company Secretary
    +642 1124 1391