Bacanora Announces Admission to AIM and Completion of CAD$8.7m Equity Offering

CALGARY, ALBERTA--(Marketwired - July 25, 2014) - BACANORA MINERALS LTD. ("Bacanora" or the "Company") (TSX VENTURE:BCN)(AIM:BCN) is pleased to announce that the Company's Common Shares have been admitted to the AIM Market of the London Stock Exchange ("AIM") and that dealings commenced at 8:00 a.m. (U.K. time) today. For a copy of the Company's First Day of Dealings announcement or its AIM Admission Document, investors are referenced to the Company's website, www.bacanoraminerals.com.

Concurrent with the admission, the Company also completed its previously announced brokered financing of 14,393,940 common shares at a price of £0.33 per share for aggregate gross proceeds of £4,750,000. Using a foreign exchange rate of £1.00 = CAD$1.834, the offering price per security is approximately CAD$0.605 and the aggregate gross proceeds of securities sold is approximately CAD$8,708,334. In addition to (and over and above) the foregoing, a 'vendor placing' (i.e.: sale of shares by an existing holder of Bacanora shares to subscribers under the offering) of 2,000,000 shares was completed at the same offering price. Upon completion of this offering, the Company paid cash commissions to its broker, HD Capital Partners LLP, in the amount of £200,500 (approximately CAD$367,717) and issued 90,909 common shares at a price of £0.33 per share and 390,874 non-transferrable warrants ("Broker Warrants") to HD Capital. In addition, the Company paid its Nominated Advisor, Cairn Financial Advisors LLP, a corporate finance fee in the amount of £80,000 (CAD$146,720) and issued 390,874 Broker Warrants to Cairn. Each Broker Warrant entitles the holder to purchase one common share at a price of £0.33 (CAD$0.605) until expiry on the date that is five years from the date of issuance (being July 25, 2019). The offering was completed in reliance upon exemptions from applicable prospectus and registration requirements. Accordingly, any trades of securities issued under the offering that occur in Alberta or to a purchaser in Alberta would be subject to a hold period equal to four months and one day from the date of issuance (being November 26, 2014). Trades of securities occurring through the CREST system among non-Alberta residents will not be subject to this restriction. There were no Alberta subscribers under the offering and all of the aforementioned shares have been deposited under the CREST system. The proceeds of the offering will be used to cover the expenses associated with the AIM listing and to fund the preparation of a pre-feasibility study on the Company's Magdalena Borate Project, for the continuation of the Company's work program to establish the economic potential of the Sonora Lithium Project and for general working capital purposes.