RCS - ShareSoc - Bacanora Lithium Offer by Ganfeng: BIG Open Letter
25/11/2021 08:50
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RNS Number : 5237T ShareSoc, UK Indiv Shrholdrs Soc 25 November 2021
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
(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
(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/
(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/
(https://savebacanora.wordpress.com/)
ShareSoc Website: https://www.sharesoc.org/ (https://www.sharesoc.org/)
Telegram Chat group: https://t.me/bacanoralithium
(https://t.me/bacanoralithium)
Contacts
Think BIG, Dee Patel, email saveBCN@protonmail.com mobile 07737 816573
ShareSoc, Cliff Weight, email cliff.weight@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.
ABOUT SHARESOC
ShareSoc champions and empowers individual investors as a not-for-profit
membership organisation run by investors for investors.
ShareSoc aims to improve individuals' investment experience and to represent
their best interests to regulators and government, and offers a range of
investor education, information and networking services. ShareSoc ensures that
shareholders have their proper say as owners of the businesses in which they
invest, campaigning on both specific company issues and on individual
investors' wider concerns, with notable success in delivering change at a
number of companies and have influenced government policy and legislation.
If you are an individual investor, you should become a member of ShareSoc.
ShareSoc
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