CALGARY, ALBERTA--(Marketwired - Sept. 20, 2016) - Igneous Capital Limited ("Igneous") issues this press release pursuant to Part 5.2 - Early Warning of National Instrument 62-104 with respect to Bacanora Minerals Ltd. (the "Issuer" or "Bacanora"). Bacanora's head office is located at 2204 - 6th Avenue N.W., Calgary, Alberta, T2N 0W9.
On September 16, 2016, Igneous sold 4,500,000 common shares of the Issuer (each, a "Common Share") at a price of £1.00 (CDN$1.7294) per Common Share, for a total gross transaction value of £4,500,000 (CDN$7,782,300). The per-Common Share and total transaction value in Canadian dollars is calculated with reference to the noon exchange for British pound sterling on September 16, 2016, as presented by the Bank of Canada. The Common Shares were sold on the AIM Market of the London Stock Exchange.
The Common Shares sold by Igneous represent approximately 4.2% of the current issued and outstanding Common Shares of Bacanora. Prior to this transaction, Igneous held 15,000,000 Common Shares of Bacanora, or approximately 13.9% of the outstanding Common Shares. Following this transaction, Igneous will hold an aggregate of 10,500,000 Common Shares, or approximately 9.7% of the outstanding Common Shares.
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 4,738,030 Common Shares representing 4.4% of the issued share capital of the Issuer.
Igneous disposed of the Common Shares in the ordinary course of its investment activities. Igneous reviews its investment positions on a continual basis and may, depending on market and other conditions, increase or further decrease its position in the Common Shares. Igneous has no present intention of either acquiring or disposing of additional Common Shares.
The Common Shares trade 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 Igneous' address is 55 Marine Parade, Eastbourne, Lower Hutt, 5013, New Zealand.