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Bacanora starts proceedings to change domicile to UK

Canadian-listed Bacanora Minerals Ltd. has started the reorganization process to change its domicile of jurisdiction to the U.K. from Canada, and move to a single listing from the current dual-listed structure.

Under an arrangement agreement, the company's U.K. subsidiary Bacanora Lithium Plc will indirectly acquire all of the company's issued share capital in exchange for new shares.

Bacanora Lithium will then apply to get its shares listed on LSE's AIM market.

Following a successful listing, Bacanora Minerals will delist its shares from the TSX Venture Exchange and cancel the admission to trade its shares on the AIM.

Bacanora Minerals will vote on the re-domicile arrangement in a March 19 annual and special meeting. The AIM admission is expected on March 21.

Following completion, Bacanora Lithium will become the ultimate parent of Bacanora Minerals, with a London-based corporate head office.

The company's board believes that admission to the AIM will raise its "profile and status amongst European investors and within the international mining sector generally."

Bacanora Minerals noted that its Canadian shareholdings are estimated at less than 10% of the shareholder base, and having a single listing will be more cost efficient without material downside.