The Northern Miner, first published in 1915, during the Cobalt Silver Rush, is considered Canada’s leading authority on the mining industry.
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 off-take parties.