NORA Minerals is meeting with investors in London this week to raise at least £1.5m, ahead of a flotation on Aim in early July.
The Mexico-focused lithium and borate miner is already listed on the TSX-V, Toronto’s junior exchange, with a market capitalisation of around £30m.
It is planning a dual listing on London’s Aim to raise additional funds to expand the Magdalena borate project into a full commercial plant, producing 50,000 tonnes per year.
It hopes to have the pre-feasibility studies for the project completed in the third quarter.
Borate is used to make glass, solar panels and ceramics, with world consumption estimated to hit 2m tonnes this year. The market is currently dominated by two producers.
Bacanora’s other flagship asset is the Sonora lithium project, which it owns with a joint venture partner, mining entrepreneur David Lenigas’ firm Rare Earth Minerals. The project is a long way off production but Bacanora is hoping to tap into the clean energy revolution with lithium-ion batteries for electric cars and smartphones. HD Capital and Cairn Financial Advisors are advising on the flotation.