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Bacanora files claim over Sonora royalty

By BFN News | 09:43 AM | Monday 20 November, 2017


Bacanora has filed a statement of claim with the Court of Queen's Bench (Alberta) seeking to void a 3% gross over-riding royalty held by the estate of Colin Orr-Ewing over certain of the company's lithium assets in Sonora, Mexico. Bacanora said the basis of the company's claim is that the royalty was originally granted based on the misrepresentation of Colin Orr-Ewing that he held a pre-existing royalty granted prior to the acquisition of the lithium properties by the company. The board of directors of Bacanora has completed a review of the historical background and concluded that no such pre-existing royalty existed and accordingly there was no basis for the grant of the royalty by the company. It said further updates on the progress of the claim would be provided as and when it is appropriate to do so. In addition, ahead of the completion of the feasibility study for the Sonora lithium project in Q4 2017 and Bacanora's transition from an exploration to a development company, the company announces amendments to the employment arrangements of certain members of the executive management team. At 9:43am: (LON:BCN) Bacanora Minerals Ltd Ord Npv di share price was -2p at 98p Story provided by StockMarketWire.com

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