Bacanora raises US$13.4 million for Mexican lithium project

Just a few months after Bacanora Minerals (TSXV: BCN) and Rare Earth Minerals (LSE: REM) signed a deal with Tesla Motors (NASDAQ: TSLA) to supply the car maker with lithium hydroxide from their Sonora lithium project in Mexico, the companies have raised US$13.4 million in a private placement. The proceeds will be used for a bankable feasibility study of the project, 180 km northeast of Hermosillo, and towards the upgrading and continuous running of a pilot plant in Hermosillo to produce bulk quantities of lithium products to long term offtake parties. Bacanora says previous test work of the lithium carbonate from the pilot plant has produced high quality lithium carbonate for initial offtake discussions. Read the complete article at NorthernMiner.com/news/bacanora