Join our community of smart investors

Blackrock backs Bacanora

Blackrock has joined Prudential and bought into the lithium miner.
May 23, 2016

Lithium miner Bacanora Minerals (BCN) has raised £7.7m in a placing of shares and warrants, in a deal with asset management giant BlackRock. The financing, which can be extended to £10m if the placing warrants are exercised, was done at the prevailing price of 79p, and will be invested in the company’s Sonora project in Mexico. Bacanora has been keen to increase the number of institutional investors on its share register, and BlackRock’s purchase follows November’s 77p-a-share placing from funds run by Prudential.

IC TIP: Buy at 88.5p

Stifel Securities expects a full-year adjusted loss per share of 4.5p in the year to June 2016.