BACANORA LITHIUM: OPEN LETTER TO THE BOARD FROM THINK BIG
Think BIG, who ShareSoc are supporting in their campaign, have sent the following Open Letter to the Board of Bacanora Lithium. https://www.sharesoc.org/wp-content/uploads/2021/11/Think-BIG-Open-letter-to-Bacanora-24-Nov-2021-1.pdf
In this letter, Think BIG explain our reasons why we think the offer from Ganfeng is not in the best interests of shareholders, suggest the Board seek to negotiate a better offer and explain our recommendation to shareholders not to accept the current offer.
Previous related announcements
A copy of Think BIG’s letter to the Board of Bacanora (24 October 2021) including reasoning for opposing the takeover and questions to the Board of Bacanora (which have not been answered to-date) can be found at https://www.sharesoc.org/wp-content/uploads/2021/07/BCN-Letter-Version-7-FINAL.pdf
A copy of Gangfeng’s offer for the purchase of Bacanora (15 September 2021) can be found https://www.bacanoralithium.com/investor-relations/ganfeng/
This release has been provided by ShareSoc on behalf of Think BIG – Bacanora Investors’ Group.
ShareSoc is supporting Think BIG through this campaign.
This RNS is the opinion of Think BIG, and is not financial advice.
ShareSoc is facilitating this RNS and it should not be construed as advice.
Website: https://savebacanora.wordpress.com/
ShareSoc Website: https://www.sharesoc.org/
Telegram Chat group: https://t.me/bacanoralithium
Contacts
Think BIG, Dee Patel, email saveBCN@protonmail.com mobile 07737 816573
ShareSoc, Cliff Weight, email info@sharesoc.org , mobile 07712 793114
Notes to editors
Bacanora Lithium Plc is an AIM-listed (ticker ‘BCN’) lithium development company. The Company is focused on building, in collaboration with its major shareholder and offtake partner, Ganfeng Lithium (the world’s largest lithium metals producer), a 35,000 tonne per annum open pit lithium carbonate operation at its flagship asset, the Sonora Lithium Project in Mexico. The Sonora Lithium Project has 8.8 million tonnes of lithium carbonate (Li2CO3) equivalent resources, with an approximate 250-year resource life, as detailed in its December 2017 Feasibility Study.
Sonora Lithium Ltd (“SLL”) is the operational holding company for the Sonora Lithium Project and is owned 50% by Bacanora and 50% by Ganfeng Lithium Co., Ltd. SLL owns 100% of the La Ventana concession. The La Ventana concession accounts for 88% of the mined ore feed in the Sonora Feasibility Study which covers the initial 19 years of the project mine life. SLL also owns 70% of the El Sauz and Fleur concessions.
Ganfeng Lithium Co., Ltd has made an unsolicited offer for the entire share capital of Bacanora Lithium Plc.
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