Cadence Minerals #KDNC – Bacanora Lithium #BCN Proposed Strategic Investment by Ganfeng Lithium

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today by Bacanora Lithium (AIM:BCN) (“Bacanora”) that it has signed a non-binding Heads of Terms for a strategic investment in both Bacanora and its flagship Sonora Lithium Project (“Sonora” or “Sonora Project”) in Mexico (“the Strategic Investment”) by Ganfeng (“Ganfeng” or “GFL”) , the world’s largest lithium metals producer in terms of production capacity and the world’s third largest lithium compounds producer. Completion of the Strategic Investment would form a major part of the Company’s finance package for the construction of an initial 17,500 tonnes per annum (“tpa”) lithium carbonate (“Li2CO3”) operation at the large scale, high grade Sonora Project. .

Announcement Highlights:

  • Proposed cornerstone strategic investment by top tier global lithium producer Ganfeng at both the corporate and Sonora Lithium Project level.
  • Includes subscription for a 29.99% interest in Bacanora, in addition to an initial 22.5% direct interest in the Sonora Lithium Project with an option to increase up to 50% of the Project.
  • Additional long-term offtake for both Stage 1 and Stage 2 lithium production.
  • GFL would assist Bacanora in the finalisation of the EPC engineering design and the subsequent construction and commissioning of Sonora Lithium Project.
  • Strategy would be in place to ensure project timetable of first production in 2021

As part of the Strategic Investment, GFL would subscribe for a 29.99% equity interest in Bacanora for a cash consideration of £14,400,091, being 57,600,364 new ordinary shares in the Company (the “Private Placement”), at a price of 25 pence per share, representing the volume weighted average price (“VWAP”) on AIM of the Company’s shares over the previous 20 trading days at the time of negotiation. Subject to the completion of the Private Placement, GFL would have the right to nominate one director to the main board of Bacanora.  GFL would also be granted pre-emption rights in relation to new share issues proportionate to its interest in Bacanora.

In addition, as part of the Strategic Investment GFL would be granted the right to acquire an initial 22.5% interest in a subsidiary of Bacanora which holds the Sonora Project (“Project Level Company”), for a cash payment of £7,563,649, equivalent to a price of 25 pence per share on the same basis as the Private Placement (the “Project Level Investment”).  Subject to the completion of the Project Level Investment, GFL would have the right to nominate one director to the board of the Project Level Company.  GFL would also be granted an option to increase its interest in the Project Level Company to up to 50% from 22.5%, within 24 months of the completion of the Project Level Investment.  The valuation of any additional investment in the Project Level Company by GFL would be based on the share price of Bacanora at the time of the additional purchase.

The £14,400,091 capital raised via the Private Placement and the £7,563,649 via the Project Level Investment would be used for the continued development and commercialisation of the Sonora Project. Under the proposed terms of the Strategic Investment, GFL would play an active role in this process. Within 6 months of the Strategic Investment, GFL would complete a review of the current EPC engineering design focusing on reducing the capital cost of the Sonora Project from the current figure of approximately US$420 million and accelerating the construction timetable from that envisioned in the Feasibility Study.  Based on the results of this review, GFL would assist with finalising an EPC engineering contract for the mine and plant construction and would work with Bacanora during the construction, commissioning and early operations phases of the Sonora Project. GFL would also provide a plant and process commissioning team to assist Bacanora in commissioning the Sonora Project.

Conditional on the completion of the Strategic Investment, GFL will be granted exclusive offtake rights to purchase 50% of all lithium products produced at Sonora for the life of the mine during Stage 1 planned production of Li2CO3 (“Offtake Agreement”).  GFL would also have the option to increase its off-take to 75% of all lithium products during Stage 2 of production.  GFL would pay market-based price for every tonne of Li2CO3 sold under the Offtake Agreement.

The Strategic Investment is conditional on, amongst other matters, completion of due diligence, definitive documentation and regulatory approvals.  Further announcements will be made in due course.

The Strategic Investment follows the completion of a Feasibility Study, which confirmed the attractive economics and low operating costs of a 35,000 tpa battery grade (+99.5%) Li2CO3 operation at Sonora: US$1.253 billion pre-tax project Net Present Value (“NPV”), 26.2% Internal Rate of Return (“IRR”), and Life of Mine (“LOM”) operating costs of c.US$4,000/t of Li2CO3 (see announcement dated 13 December 2017).

Bacanora is a lithium exploration and development company. At the end of April 2019 Cadence held approximately 1.6% of Bacanora’s equity and 30% of Mexalit and Megalit joint venture companies. Mexalit is the owner of the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 mineral concessions, which forms part of the 20-year mine plan of the Sonora Lithium Project in Northern Mexico.

The full release can be found at: https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BCN/14079306.html

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

– Ends –

 

For further information:

Cadence Minerals plc                                                    +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)                                 +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker)                                 +44 (0) 207 399 9400
Jon Belliss

 

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.  

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

Andrew Hore – Quoted Micro 20 May 2019

NEX EXCHANGE

Fuel emulsification technology developer SulNOx Group (www.sulnoxgroup.com) plans to join NEX. SulNOx has developed an emulsification and condition process for hydrocarbon fuels. This process makes the fuel more efficient and thereby reduces fuel usage and emissions. Nouryon AB will manufacture and distribute the company’s products under the Berol brand. SulNOx will do the sales and marketing. The directors are applying for approval of eligibility of the company for EIS relief.

Arbuthnot Banking (ARBB) has obtained a NEX Growth Market quotation. The shares continue to be traded on AIM.

AfriAg Global (AFRI) has agreed to subscribe for four million shares in Apollon at 25p each, although part of the investment requires shareholder approval. This is equivalent to a 2.34% stake. However, AfriAg needs to raise this £1m in order to make the investment. It had £101,000 in the bank at the end of 2018 and NAV was £1.9m. The plan is to obtain an option to acquire the rest of the company. Apollon is a medicinal cannabis company and it has an affiliate in Jamaica that has a licence to cultivate, process and sell hemp and medicinal cannabis. Specific strains of medicinal cannabis have been developed.

KR1 (KR1) is generating staking yield revenues on the Cosmos Network, which launched on 14 March. The yields will be a minimum 5.6% yield and it could be much higher. This type of revenues could be generated by other networks where KR1 has an investment.

Sativa Investments (SATI) had £3.74m of cash at the end of 2018. This will be used to develop operations in the UK and Germany. Last year’s revenues were £260,000.

Tectonic Gold (TTAU) has taken operational control of the Vast Mineral Sands diamond mining contract. Cash generated will finance gold exploration.

High Growth Capital (HASH) has consolidated 20 shares into one new share. Dealings commenced on 16 May.

Primorus Investors (PRIM) increased its NAV from £4.95m to £5.16m at the end of 2018. This has been achieved even though pre-IPO investments have had their flotations delayed by poor market conditions. There was £408,000 in cash in the balance sheet.

Proton Partners International Ltd (PPI) has raised £10m at 176p a share by issuing shares to Woodford as part of the agreement in the flotation prospectus. NQ Minerals (NQMI) has issued 1.37 million shares at 6.5p each to satisfy a payment for the three month extension of maturing debt.

Gowin New Energy (GWIN) has extended the loan agreements with four shareholders so that the repayment dates are all around the beginning of November. The loans total £500,000.

AIM 

Software provider Sanderson (SND) prospered in the first half. Revenues improved by 18% to £17.2m and operating profit was one-third higher at £2.8m. Recurring revenues grew by 18% and they are 55% of total revenues. Sanderson has already secured most of the revenues it requires to make the full year revenues forecast of £35.3m, which is expected to generate pre-tax profit of £5.4m.

Block Energy (BLOE) has raised £12m at 11p a share. This comes less than one year after Block joined AIM when the oil and gas company was valued at £10.3m at the placing price of 4p. The cash will be invested in the West Rustavi PSA in the Republic of Georgia. Up to four horizontal sidetracks will be drilled in order to scale up existing production, as ell as drilling one new well. There will also be funds for 3D seismic, appraisal of two existing gas discoveries and increase the capacity of production facilities to up to 5,000 barrels per day. This will all be done over the next 12 months.

Investment and new store opening costs have pushed fishing equipment retailer Angling Direct (ANG) into loss. In the year to January 2019, revenues grew from £30.2m to £42m. International sales more than doubled to £4.7m. IT investment is improving efficiency. Angling Direct will continue to lose money this year as the number of stores is set to be increased from 24 to 34. It takes more than a couple of years for a store to start to mature so the benefits of the current investment will take time to show through in profit terms.

Live events agency Aeorema Communications (AEO) says its revenues reached a new high in the second half and full year revenues will be better than expected. New business has been won but it is lower margin than previous contracts so profit will be in line with expectations. There should be a full year dividend. Last year’s dividend was 0.75p a share, which was an increase of 50%.

TruFin (TRU) is launching a tender offer for up to £5m of shares at 92p each. The tender offer closes on 4 June. TruFin recently £44.5m raised from the sale of its stake in Zopa and demerged Distribution Finance Capital (DFCH). There are plans to return a further £5m by the end of 2019.

Churchill China (CHH) is continuing to trade strongly so far this year. The opening of the Rotterdam distribution facility is supporting European growth. Sales of added value products are growing. The integration of the Dudson brand and products is progressing well.

Online retailer MySale (MYSL) has sold the cocosa.co.uk website. This is part of the plan to exit the UK and concentrate on Australia and New Zealand.

Film completion contracts provider FFI Holdings (FFI) says operating profit will be at the lower end of the range of $7.5m to $11.5m previously reported.

Maistro (MAIS) has decided to leave AIM. The company has gone from a hyped-up online business called blur to cash strapped operation that needs to save as much money as possible. Maistro has raised plenty of cash in its time as a quoted company.

Veltyco Group (VLTY) has generated flat revenues from sportsbook and casino marketing business in the year to April 2019. The revenue mix has changed, and lower margin activities have grown in importance. The company is loss-making and more investment will be required.

The recovery at Safestay UK (SFE) appears to be stalling, even though it is growing revenues faster than the market is growing. The problem is that margins are not improving as quickly as expected.

Ten Lifestyle (TENG) increased revenues by 24% to £21.5m but the loss has risen due to greater investment in the business. The lifestyle and travel platform still has £13.2m in the bank. New contracts are being won and existing ones increased in size.

MAIN MARKET 

Blencowe Resources (BRES) has wasted little time in securing a takeover target. It plans to acquire a company which is the owner of the Oram graphite project in Uganda for £2m in shares at 6p each.

nmcn (NMCN), which formerly North Midlands Construction, says first quarter revenues increased by 27% to £94.4m and improved margin meant that profitability increased by 170% to £1.75m. The built environment division moved back into profit and the water division doubled its profit. There is £22m in the bank. The secured workload for the year is £342m.

Packaging manufacturer and distributor Macfarlane Group (MACF) says profit is ahead of last year and in line with expectations. Sales have grown by 7% so far this year and organic growth is 3%. The manufacturing operations have grown fastest.

Highway Capital (HWC) is catching up with its figures having published more than one set this week. The interims to August 2018 show a cash outflow from operations of £9,000. Net liabilities were £614,000.

There was a £949,000 cash outflow from operations at Toople (TOOP) in the six months to March 2019. There is net cash of £546,000.

Flavours supplier Creightons (CRL) says second half sales will be similar to those in the first half. There will be a £350,000 benefit from research and development tax credits.

Argo Blockchain (ARB) has adjourned its general meeting following the resignation of Jonathan Bixby. Mike Edwards become chairman. Another director will be appointed in consultation with First Investments, which requisitioned the general meeting. First Investments is backing the existing business by investing up to $1m as a cryptomining-as-a-service customer.

Andrew Hore

Brand Communications CEO Alan Green talks Cadence Minerals #KDNC, RA International #RAI & BigDish #DISH on Vox Markets podcast

Brand Communications CEO Alan Green discusses Cadence Minerals #KDNC, RA International #RAI & BigDish #DISH with Justin Waite on Vox Markets podcast. Interview is 37 minutes in.

ECR Minerals #ECR launches new Corporate Website

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to advise that the Company has now launched a new corporate website which can be viewed at: www.ecrminerals.com

Craig Brown, Chief Executive Officer commented: “Reflecting the considerable developments within the Company’s Australian gold project portfolio, and as part of our enhancement of corporate communications tools and initiatives, I am delighted to launch our new corporate website.

Alongside our ongoing market regulatory announcements, the Company will utilise the new website to provide updated project information, corporate regulatory information and other useful material to assist investors’ understanding of our value proposition.”

FOR FURTHER INFORMATION, PLEASE CONTACT:

ECR Minerals plc Tel: +44 (0)20 7929 1010
David Tang, Non-Executive Chairman
Craig Brown, Director & CEO
Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
Katy Mitchell/James Sinclair-Ford
SI Capital Ltd Tel: +44 (0)1483 413500
Broker
Nick Emerson

ABOUT ECR MINERALS PLC

ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Limited has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, Australia and the Windidda Gold Project in the Yilgarn Region, Western Australia.

ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015 and is available for download from ECR’s website.

ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production.

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) Announces Glencore #GLEN Participation in Financing.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”), that further to the announcement of March 19, 2019, a subsidiary of Glencore plc (“Glencore”) has agreed to participate in the US$6 million secured Convertible Note (“Note”) on a private placement basis for US$2 million.

Glencore’s participation in this financing, strengthens the life-of-mine long-term strategic relationship between the parties in line with the previously announced binding Off-Take Agreement (“Agreement”) with Glencore for sale of iron ore to be produced from the Lake Giles Iron Project (“Project”) in the Yilgarn Region of Western Australia.

Cadence holds approximately 10% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.

Key terms to the note:

  • Each Note has a face value of US$10,000 following adoption of a loan note instrument.
  • The Notes (including accrued but unpaid interest) can be converted at any time after 12 months into common shares of Macarthur at the Noteholder’s option at a conversion price that reflects the greater of 80% of the average VWAP over 5 trading days immediately preceding the date of a notice of conversion and C$0.10 (in each case with appropriate equivalence to USD), with attaching warrants offered for one fourth of the commitment amount exercisable at the greater of C$0.10 or the average VWAP over 5 trading days immediately preceding the date of the Advance Date (such term being defined in the definitive documentation) (in each case with appropriate equivalence to USD).
  • The Notes will have a term to maturity of 3 years and bear interest at a rate of 12.5% per annum.
  • The Notes include a restriction on conversion that provides that such conversion may not have the effect of causing Noteholder to own 20% or more of the common shares of Macarthur or becoming a control person.
  • The iron ore mining licences held by Macarthur (or a subsidiary of Macarthur) in respect of the Lake Giles Iron project region of Western Australia will act as security for the Notes issued to the Noteholder.

Any shares issued upon conversion of the principal amount of the Note and any accrued interest will be subject to certain resale restrictions, including a restricted (or “hold”) period of four months and one day following the distribution date of the Note and warrant, under applicable Canadian securities legislation.

The consummation of the US$2 million financing commitment from Glencore is subject to receipt of all necessary regulatory approvals including that of the TSX Venture Exchange, the Australian Foreign Investment Review Board and satisfaction of the other conditions set out in the Investment Agreement entered into by the Glencore and Macarthur.

The full release can be found at: https://web.tmxmoney.com/article.php?newsid=8292361460422531&qm_symbol=MMS

Cadence Minerals Chairman Andrew Suckling commented: “To secure a US$2 million investment from Glencore following the recently announced take-off agreement marks another significant milestone for Macarthur and its shareholders. As with the Exception Capital financing agreement announced yesterday, the terms are attractive, and provide Macarthur with funding certainty while potentially minimising dilution to Cadence shareholders.”

This news release is not for distribution to United States Services or for Dissemination in the United States.

– Ends –

For further information:

Cadence Minerals plc                                                    +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)                                 +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker)                                 +44 (0) 207 399 9400
Jon Belliss

 

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) Announces Exception Capital LLP Participation in Financing

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”), that further to the announcement of March 19, 2019, Exception Capital LLP (“Exception”) has agreed to participate in the US$6 million secured Convertible Note (“Note”) on a private placement basis for US$1 million.

Key terms:

  • Each Note has a face value of US$10,000 following adoption of a loan note instrument.
  • The Notes (including accrued but unpaid interest) can be converted at any time after 12 months into common shares of Macarthur at the Noteholder’s option at a conversion price that reflects the greater of 80% of the average VWAP over 5 trading days immediately preceding the date of a notice of conversion and C$0.10 (in each case with appropriate equivalence to USD), with attaching warrants offered for one fourth of the commitment amount exercisable at the greater of C$0.10 or the average VWAP over 5 trading days immediately preceding the date of the Advance Date (such term being defined in the definitive documentation) (in each case with appropriate equivalence to USD).
  • The Notes will have a term to maturity of 3 years and bear interest at a rate of 12.5% per annum.
  • The Notes include a restriction on conversion that provides that such conversion may not have the effect of causing Noteholder to own 20% or more of the common shares of Macarthur or becoming a control person.
  • The iron ore mining licences held by Macarthur (or a subsidiary of Macarthur) in respect of the Lake Giles Iron project region of Western Australia will act as security for the Notes issued to the Noteholder.

Any shares issued upon conversion of the principal amount of the Note and any accrued interest will be subject to certain resale restrictions, including a restricted (or “hold”) period of four months and one day following the distribution date of the Note and warrant, under applicable Canadian securities legislation.

The consummation of the US$1 million financing commitment from Exception is subject to receipt of all necessary regulatory approvals including that of the TSX Venture Exchange and satisfaction of the other conditions set out in the Investment Agreement entered into by the Exception and Macarthur.

Cadence holds approximately 10% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.

The full release, including full details of the FEL earn-in terms can be found at: https://web.tmxmoney.com/article.php?newsid=7164373152451843&qm_symbol=MMS

Cadence Minerals CEO Kiran Morzaria commented: “This financing agreement marks a significant step forward by Macarthur in progressing its Australian iron ore projects. As Macarthur Executive Chairman Cameron McCall states, the financing terms are attractive and minimises dilution to shareholders.”

This news release is not for distribution to United States Services or for Dissemination in the United States.

– Ends –

 

For further information:

Cadence Minerals plc                                                    +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker)                                 +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker)                                 +44 (0) 207 399 9400
Jon Belliss

 

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

Salt Lake Potash #SO4 – Director Shareholding

Salt Lake Potash Limited (“the Company”) advises that it has issued 750,000 new ordinary shares of the Company following the exercise of A$0.40 unlisted incentive options by Hopetoun Consulting Pty Ltd, a company in which Non-Executive Director, Mr Matthew Syme, has a beneficial interest.

Settlement and dealings

Application has been made to the AIM Market of the London Stock Exchange (“AIM”) for the admission of the 750,000 Ordinary Shares, which rank pari passu with the Company’s existing issued Ordinary Shares, to be admitted to trading. Dealings on AIM are expected to commence at 8:00am on or around 20 May 2019 (“Admission”).

Total Voting Rights

For the purposes of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (“DTRs”), following Admission, the Company will have 207,020,581 Ordinary Shares on issue with voting rights attached. The Company holds no shares in treasury. This figure of 207,020,581 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the ASX Listing Rules or the DTRs.

Directors’ interests

Following the issue of these shares, the Mr Syme will have an interest in 5,250,000 shares representing 2.5% of the issued capital. Mr Syme also has an indirect interest in 1,750,000 incentive options and 1,000,000 performance rights. 

The Notifications below, made in accordance with the requirements of the EU Market Abuse Regulation and the listing rules of the ASX provide additional information.

For further information please visit www.so4.com.au or contact:

 

Tony Swiericzuk / Clint McGhie

Salt Lake Potash Limited

Tel: +61 8 6559 5800

Jo Battershill

Salt Lake Potash Limited

Tel: +44 7540 366000

Colin Aaronson / Richard Tonthat / Ben Roberts

Grant Thornton UK LLP (Nominated Adviser)

Tel: +44 (0) 20 7383
500

Derrick Lee / Beth McKiernan

Cenkos Securities plc (Joint Broker)

Tel: +44 (0) 131 220
639

Rupert Fane / Ingo Hofmaier / Ernest Bell

Hannam & Partners (Joint Broker)

Tel: +44 (0) 20 7907
800

 

Notification of Transactions of Persons Discharging Managerial Responsibility and Persons Closely Associated with them

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

Hopetoun Consulting Pty Ltd

 

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Hopetoun Consulting Pty Ltd is a company in which Non-Executive Director, Mr Matthew Syme, has a beneficial interest.

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Salt Lake Potash Limited

b)

 

LEI

 

 

213800WAVVOPS85N2205

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

 

a)

 

Description of the financial instrument, type of instrument

Ordinary shares of  no par value

Identification code

AU000000SO44

b)

 

Nature of the transaction

 

 

Exercise of options

c)

 

Price(s) and volume(s)

Price(s)

Volume(s)

A$0.40

750,000

d)

 

Aggregated information

– Aggregated volume

Aggregate volume: 750,000

Aggregate price: 40 Australian cents

Aggregate total: A$300,000

– Price

e)

 

Date of the transaction

 

 

15 May 2019

f)

 

Place of the transaction

 

 

Off market transaction

 

  

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement,

application for quotation of additional securities

and agreement

Information or documents not available now must be given to ASX as soon as available.  Information and documents given to ASX become ASX’s property and may be made public.

Introduced 01/07/96  Origin: Appendix 5  Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12, 04/03/13

 

Name of entity

 SALT LAKE POTASH LIMITED

ABN

 98 117 085 748

We (the entity) give ASX the following information.

Part 1 ‑ All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1

+Class of +securities issued or to be issued

Ordinary Shares

2

Number of +securities issued or to be issued (if known) or maximum number which may be issued

750,000

3

Principal terms of the +securities (e.g. if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)

Fully paid ordinary shares

 

4

Do the +securities rank equally in all respects from the +issue date with an existing +class of quoted +securities?

If the additional +securities do not rank equally, please state:

·    the date from which they do

·    the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

·    the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

Yes

 

5

Issue price or consideration

$0.40

6

Purpose of the issue

(If issued as consideration for the acquisition of assets, clearly identify those assets)

Exercise of Options.

 

6a

Is the entity an +eligible entity that has obtained security holder approval under rule 7.1A?

If Yes, complete sections 6b – 6h in relation to the +securities the subject of this Appendix 3B, and comply with section 6i

Yes

6b

The date the security holder resolution under rule 7.1A was passed

30 November 2018

6c

Number of +securities issued without security holder approval under rule 7.1

Nil

 

6d

Number of +securities issued with security holder approval under rule 7.1A

Nil

6e

Number of +securities issued with security holder approval under rule 7.3, or another specific security holder approval (specify date of meeting)

Nil

 

6f

Number of +securities issued under an exception in rule 7.2

750,000

6g

If +securities issued under rule 7.1A, was issue price at least 75% of 15 day VWAP as calculated under rule 7.1A.3?  Include the +issue date and both values.  Include the source of the VWAP calculation.

Not Applicable

 

6h

If +securities were issued under rule 7.1A for non-cash consideration, state date on which valuation of consideration was released to ASX Market Announcements

Not Applicable

6i

Calculate the entity’s remaining issue capacity under rule 7.1 and rule 7.1A – complete Annexure 1 and release to ASX Market Announcements

7.1 – 28,047,768

7.1A – 20,653,769

 

7

+Issue dates

Note: The issue date may be prescribed by ASX (refer to the definition of issue date in rule 19.12).  For example, the issue date for a pro rata entitlement issue must comply with the applicable timetable in Appendix 7A.

Cross reference: item 33 of Appendix 3B.

15 May 2019

Number

+Class

8

Number and +class of all +securities quoted on ASX (including the +securities in section 2 if applicable)

207,020,581

Ordinary Shares

Number

+Class

9

Number and +class of all +securities not quoted on ASX (including the +securities in section 2 if applicable)

 

 

 

7,500,000

 

10,000,000

 

750,000

 

 

1,000,000

 

 

250,000

 

 

500,000

 

 

750,000

 

 

400,000

 

 

1,700,000

 

 

 

2,750,000

 

 

 

3,000,000

 

 

 

21,095,016

 

Class B Performance Shares

 

Class C Performance Shares

 

Incentive Options exercise price $0.50, expiry date 29 April 2020

 

Incentive Options exercise price $0.60, expiry date 29 April 2021

 

Incentive Options exercise price $0.40, expiry date 30 June 2021

 

Incentive Options exercise price $0.50, expiry date 30 June 2021

 

Incentive Options exercise price $0.60, expiry date 30 June 2021

 

Incentive Options exercise price $0.70, expiry date 30 June 2021

 

Incentive Options exercise price $0.60, expiry date 1 November 2023

 

Incentive Options exercise price $1.00, expiry date 1 November 2023

 

Incentive Options exercise price $1.20, expiry date 1 November 2023

 

Performance rights which are subject to various performance conditions to be satisfied prior to the relevant expiry dates between 31 December 2018 and 1 November 2023

10

Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

Not Applicable

Part 2 ‑ Pro rata issue

11

Is security holder approval required?

Not Applicable

12

Is the issue renounceable or non-renounceable?

Not Applicable

13

Ratio in which the +securities will be offered

Not Applicable

14

+Class of +securities to which the offer relates

Not Applicable

15

+Record date to determine entitlements

Not Applicable

 

16

Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?

Not Applicable

17

Policy for deciding entitlements in relation to fractions

Not Applicable

18

Names of countries in which the entity has security holders who will not be sent new offer documents

Note: Security holders must be told how their entitlements are to be dealt with.

Cross reference: rule 7.7.

Not Applicable

19

Closing date for receipt of acceptances or renunciations

Not Applicable

20

Names of any underwriters

Not Applicable

21

Amount of any underwriting fee or commission

Not Applicable

22

Names of any brokers to the issue

Not Applicable

23

Fee or commission payable to the broker to the issue

Not Applicable

24

Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of security holders

Not Applicable

25

If the issue is contingent on security holders’ approval, the date of the meeting

Not Applicable

26

Date entitlement and acceptance form and offer documents will be sent to persons entitled

Not Applicable

27

If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders

Not Applicable

28

Date rights trading will begin (if applicable)

Not Applicable

29

Date rights trading will end (if applicable)

Not Applicable

30

How do security holders sell their entitlements in full through a broker?

Not Applicable

31

How do security holders sell part of their entitlements through a broker and accept for the balance?

Not Applicable

32

How do security holders dispose of their entitlements (except by sale through a broker)?

Not Applicable

33

+Issue date

Not Applicable

Part 3 ‑ Quotation of securities

You need only complete this section if you are applying for quotation of securities

34

Type of +securities

(tick one)

(a)

+Securities described in Part 1

(b)

All other +securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

 

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35

If the +securities are +equity securities, the names of the 20 largest holders of the additional +securities, and the number and percentage of additional +securities held by those holders

36

If the +securities are +equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories

1 – 1,000

1,001 – 5,000

5,001 – 10,000

10,001 – 100,000

100,001 and over

37

A copy of any trust deed for the additional +securities

 

 

Entities that have ticked box 34(b) 

38

Number of +securities for which +quotation is sought

Not Applicable

39

+Class of +securities for which quotation is sought

Not Applicable

40

Do the +securities rank equally in all respects from the +issue date with an existing +class of quoted +securities?

If the additional +securities do not rank equally, please state:

·    the date from which they do

·    the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

·    the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

Not Applicable

41

Reason for request for quotation now

Example: In the case of restricted securities, end of restriction period

(if issued upon conversion of another +security, clearly identify that other +security)

Not Applicable

Number

+Class

42

Number and +class of all +securities quoted on ASX (including the +securities in clause 38)

 

Quotation agreement

1           +Quotation of our additional +securities is in ASX’s absolute discretion.  ASX may quote the +securities on any conditions it decides. 

2          We warrant the following to ASX.

·           The issue of the +securities to be quoted complies with the law and is not for an illegal purpose.

·           There is no reason why those +securities should not be granted +quotation.

·           An offer of the +securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

·           Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any +securities to be quoted and that no-one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted.

·           If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted.

3          We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

4          We give ASX the information and documents required by this form.  If any information or document is not available now, we will give it to ASX before +quotation of the +securities begins.  We acknowledge that ASX is relying on the information and documents.  We warrant that they are (will be) true and complete.

Sign here:            …………………………………………………..            Date: 15 May 2019

                             (Director/Company secretary)

Print name:         Clint McGhie

ECR Minerals #ECR wholly owned subsidiary Mercator Gold receives R&D development refund of approx GBP171k from Australian Government

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to provide an update in respect of a Research and Development refund received under the R&D Tax Incentive from the Department of Industry, Innovation and Science of the Australian Government.

Highlights:

  • Mercator Gold Australia Pty Limited (“MGA”) ECR’s 100% owned Australian subsidiary has received a cash Research and Development refund of A$318,971.73 (approximately £171,000);
  • The refund received relates to qualifying expenditure incurred by MGA in the year ended 30 June 2018;
  • In addition, MGA is entitled to submit a further claim for the year ended 30 June 2019 and based on current estimated qualifying expenditure the amount of the claim for the period to date will be approximately A$370,000 (approximately £198,000) which the Company would expect to receive in around August 2019, although there can be no guarantee that this amount will be obtained;
  • Finally, included within the MGA Tax Return for the year ended 30 June 2018, MGA has carried forward corporate income tax losses of A$66,203,862 (approximately £35.5million) in respect of historical losses which are available for carry forward.

Craig Brown, Chief Executive Officer commented: “I am pleased to confirm the receipt of a significant cash refund by MGA our Australian subsidiary. This incoming cash augments existing cash resources and will applied toward the Company’s active gold exploration programmes in Australia.

A further refund claim will be made for the year ended 30 June 2019 and based on current qualifying expenditure, we anticipate a claim of A$370,000 against which we would expect to receive cash payment around August 2019, based on our current planned financial accounts and tax reporting schedule although there can be no guarantee that this amount will be obtained.

We are grateful for the immense support offered by the Australian Government which we believe demonstrates the attractiveness of Australia as a destination for investment in exploration and development projects.

As a result of Government support, the Company’s cash resources are bolstered, enabling it to maintain a considerable and active exploration programme.”

MARKET ABUSE REGULATIONS (EU) No. 596/2014

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

FOR FURTHER INFORMATION, PLEASE CONTACT:

ECR Minerals plc Tel: +44 (0)20 7929 1010
David Tang, Non-Executive Chairman
Craig Brown, Director & CEO
Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd Tel: +44 (0)161 832 2174
Nominated Adviser
Katy Mitchell/James Sinclair-Ford
SI Capital Ltd Tel: +44 (0)1483 413500
Broker
Nick Emerson

ABOUT ECR MINERALS PLC

ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Limited has 100% ownership of the Avoca, Bailieston, Creswick, Moormbool and Timor gold exploration licences in central Victoria, Australia and the Windidda Gold Project in the Yilgarn Region, Western Australia.

ECR has earned a 25% interest in the Danglay epithermal gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines. An NI43-101 technical report was completed in respect of the Danglay project in December 2015 and is available for download from ECR’s website.

ECR’s wholly owned Argentine subsidiary Ochre Mining has 100% ownership of the SLM gold project in La Rioja, Argentina. Exploration at SLM has focused on identifying small tonnage mesothermal gold deposits which may be suitable for relatively near-term production.

Brand CEO Alan Green talks Bidstack #BIDS, Eve Sleep #EVE & Bluebird Merchant Ventures #BMV on Vox Markets podcast

Brand CEO Alan Green discusses Bidstack #BIDS, Eve Sleep #EVE & Bluebird Merchant Ventures #BMV with Justin Waite on the Vox Markets podcast. The interview is 12 minutes 6 seconds in.

Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) Announces Option Agreement on Its Lithium and Gold Tenements in Pilbara Region, W Australia

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”) that Macarthur Lithium Pty Ltd (“MLi”), a wholly owned subsidiary of Macarthur, has entered into an exclusive option agreement with Fe Limited (ASX: FEL) (“FEL”), for FEL to acquire an interest of up to 75% across 19 MLi tenements. These 19 tenements are highly prospective for gold, copper and lithium in proximity to numerous known hard rock lithium and gold deposits in the central and eastern Pilbara.

Highlights:

  • MLi has granted FEL a 45-day option to enable FEL to conduct due diligence and secure the required funding to proceed with exercising the option. The Company will pay a non-refundable option fee to MLi of AU$100,000 in cash (Option Fee).
  • Should FEL formally elect to exercise the option within the 45-day option period, AU$400,000 will be payable to MLi (Option Exercise Fee).
  • Upon payment of the Option Exercise Fee (Exercise Date), FEL will have the right to earn-in up to 75% interest in the Project.

MLi will act as JV manager and be paid a 10% project management fee (excluded from earn-in expenditure) and will be free carried until a pre-feasibility study is completed. FEL can withdraw from the earn-in at any time and without penalty.

Cadence holds approximately 10% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.

The full release, including full details of the FEL earn-in terms can be found at: https://web.tmxmoney.com/article.php?newsid=6664824274204069&qm_symbol=MMS

Cadence Minerals CEO Kiran Morzaria commented: “As stated by Macarthur Exec Chairman Cameron McCall, this transaction will allow the company to focus its efforts towards bringing Macarthur’s Moonshine Magnetite iron ore projects into production. We at Cadence fully support this strategy given the current environment for the global iron ore market.”

This news release is not for distribution to United States Services or for Dissemination in the United States. 

– Ends – 

For further information:

Cadence Minerals plc

                                                   +44 (0) 207 440 0647

Andrew Suckling

Kiran Morzaria

WH Ireland Limited (NOMAD & Broker)

                                +44 (0) 207 220 1666

James Joyce

James Sinclair-Ford

Novum Securities Limited (Joint Broker)

                                +44 (0) 207 399 9400

Jon Belliss

 

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

I would like to receive Brand Communications updates and news...
Free Stock Updates & News
I agree to have my personal information transfered to MailChimp ( more information )
Join over 3.000 visitors who are receiving our newsletter and learn how to optimize your blog for search engines, find free traffic, and monetize your website.
We hate spam. Your email address will not be sold or shared with anyone else.