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Tiziana Life Sciences (TILS) Reports Phase 2a Clinical Data with Milciclib Monotherapy in Sorafenib-refractory or -intolerant patients with unresectable or metastatic Hepatocellular Carcinoma

  • Milciclib was well tolerated and no drug related deaths were reported
  • 28 out 31 treated patients were evaluable, with 14 patients completing the 6-month study duration
  • 9 patients continued treatment under compassionate use, of which 5 are currently continuing with treatment

New York/London, 22 July 2019 – Tiziana Life Sciences plc (NASDAQ: TLSA / AIM: TILS), a biotechnology company focusing on the discovery and development of innovative therapeutics for inflammation and oncology indications, today announced preliminary topline clinical data from a Phase 2a trial of Milciclib as a monotherapy in patients with advanced hepatocellular carcinoma (HCC), the most common form of liver cancer. The primary endpoint of the study was overall safety. Oral treatment with Milciclib was well tolerated with manageable toxicities. Under compassionate use, a few patients continued with the treatment for up to 16 months. Overall, treatment with Milciclib was well-tolerated and no drug-related deaths were recorded. Secondary endpoints of efficacy including progression-free survival (PFS) and time to progression (TPP) are currently being evaluated and will subsequently be reported. 

This Phase 2a trial with Milciclib monotherapy was a multi-centered, single-arm, repeated-dose (100 mg once daily; 4 days on/3 days off every 4 weeks; defining each cycle), 6-month duration study to evaluate the safety, tolerability and anti-tumor activity of Milciclib in sorafenib-refractory or intolerant patients with unresectable or metastatic advanced HCC. This multi-centered trial enrolled 31 patients in Italy, Greece, and Israel.

Among the 28 evaluable patients, 14 completed the 6-month duration study. Oral treatment with Milciclib was well-tolerated with manageable toxicities. The most frequent adverse events such as diarrhea, nausea, fatigue, asthenia, chills, ataxia, headache, and rash were manageable.   

Nine out of the 14 patients, after completing the 6-month trial period, requested to continue the treatment under compassionate use and were approved by their respective ethical committees.  Four of the patients received Milciclib for a total of 9, 11, 13 and 16 months. The remaining 5 patients are continuing treatment with Milciclib are at 8th, 9th, 9th, 9th and 11th months currently.

Objective tumor assessments according to the modified Response Evaluation Criteria in Solid Tumors (mRECIST) guideline and the conventional RECIST 1.1 criteria are being conducted by Independent Central Review and data will be available in September 2019.

“We are very pleased with the clinical activity and tolerability of Milciclib in these advanced cases of HCC. It is an important milestone to move forward with further clinical development of Milciclib either as a single agent or in combination with other HCC drugs,” said Dr. Kunwar Shailubhai, CEO & CSO of Tiziana. 

These safety and clinical activity data are consistent with the earlier reported long-term safety and clinical activity of Milciclib in thymic carcinoma, thymoma1 and other solid cancers2. 

 

Liver cancer is the fifth most common cancer worldwide and HCC accounts for 75-90% of all primary liver cancer cases. The global market for liver cancer drugs is estimated to reach $1.47 billion by 2022. Current standard of care drugs are not entirely satisfactory due to low response rates and severe toxicities. Importantly, patients often become resistant or unresponsive to the treatment. Milciclib works though a unique mechanism of action and the Company therefore believes it may have the potential for long-term efficacy with a good safety profile in a larger subset of patients.  

The person who arranged for the release of this announcement on behalf of the Company was Dr Kunwar Shailubhai, CEO of Tiziana. 

Cited References

  1. Besse, B,, Garassino, M,, Rajan, A., Novello, S.,Mazieres, J., Weiss, G., Kocs, D., Barnett, J, Davite, C, Crivori, P and G. Giaccone.  Efficacy of milcicilib (PHA-848125AC), a pan-cyclin D -dependent kinase inhibitor in tow phase II studies with Thymic carcinoma and B3 thymoma patients. (2018) J. Clin. Onc  36 (15 suppl): 8519
  2. Aspeslagh, S., Shailubhai, K., Bahleda, R. et al. (2017). Phase I dose-escalation study of Milciclib in combination with gemcitabine in patients with refractory solid tumors. Cancer Chemother Pharmacol. 79:1257-1265.

 

Contacts:

Tiziana Life Sciences plc

Gabriele Cerrone, Chairman and founder

+44 (0)20 7493 2853
Cairn Financial Advisers LLP (Nominated adviser)

Liam Murray / Jo Turner

+44 (0)20 7213 0883
Stockdale Securities (Nominated brokers)

Antonio Bossi / Andy Crossley

+44 (0)20 7601 6125


For further enquiries:

Tiziana Life Sciences plc +44 (0)20 7493 2853

Gabriele Cerrone, Chairman and founder 

Cairn Financial Advisers LLP (Nominated adviser) +44 (0)20 7213 0880

Liam Murray / Jo Turner

Stockdale Securities Limited (Broker) +44 (0)20 7601 6125

Andy Crossley / Antonio Bossi

About HCC

HCC is the fifth most common cancer and the third highest cause of cancer mortality worldwide. In 2007, the approval by the European Medical Agency and U.S. Food and Drug Administration of Sorafenib (Nexavar®), an inhibitor of several receptor tyrosine kinases, in HCC represented the first systemic therapy for improving outcome in patients unsuitable for loco-regional and surgical therapies and created a new standard of treatment for the disease. However, although significant in respect to placebo, the benefits of Sorafenib are modest, with a response rate less than 3%, an improvement in median survival of 2-3 months and drug-related symptoms that are not ordinary. More recently, lenvatinib (Lenvima ®), another multi-tyrosine kinase inhibitor was also approved for first line treatment of HCC. The complex multi-factorial etiology of HCC warrants a need for systemic therapies that target different signaling cascades to provide improved efficacy and safety for both naive patients presenting with unresectable, advanced stage and those who suffer recurrence after curative treatments (resection, ablation and transplantation).

About Milciclib

Milciclib (PHA-848125AC) is a small molecule inhibitor of several cyclin dependent kinases such as CDK1, CDK2, CDK4, CDK5 and CDK7. CDKs are serine threonine kinases that play crucial roles in progression of the cell cycle from G1 to S phase. Overexpression of CDKs and other downstream signaling pathways that regulate cell cycles have been frequently associated with development of resistance towards chemotherapies. In a Phase 1 study, oral treatment with Milciclib was well-tolerated and the drug showed promising clinical responses in patients with advanced solid malignancies such as in NSCLC, pancreatic and colon cancer, thymic carcinoma and thymoma. Additionally, milciclib met its primary endpoint in two separate Phase 2 multi-center clinical trials (CDKO-125A-006: 72 patients and CDKO-125A-007: 30 patients) in thymic carcinoma and thymoma patients. 

About Tiziana Life Sciences

Tiziana Life Sciences plc is a UK biotechnology company that focuses on the discovery and development of novel molecules to treat human disease in oncology and immunology. In addition to milciclib, the Company is also developing Foralumab for liver diseases. Foralumab is the only fully human anti-CD3 monoclonal antibody in clinical development in the world. This Phase 2 compound has potential application in a wide range of autoimmune and inflammatory diseases, such as nonalcoholic steatohepatitis (NASH), primary biliary cholangitis (PBS), ulcerative colitis, multiple sclerosis, type-1 diabetes (T1D), inflammatory bowel disease (IBD), psoriasis and rheumatoid arthritis, where modulation of a T-cell response is desirable.

 

 

Iron ore price firm after BHP confirms lower exports – Financial Times

Price surge of steelmaking ingredient has created a huge cash windfall for big producers

The price of iron ore remained above $120 a tonne on Wednesday after BHP Group, one of the world’s biggest suppliers of the steelmaking ingredient, revealed annual exports had declined for the first time this century.

In a trading update, the Anglo-Australian miner said it had shipped 270.5m tonnes of iron ore in the 12-months to June, down from 273.2m tonnes in 2018 — the first year-on-year decline in sales since at least 2000. Supply disruptions in Australia and Brazil and record steel production in China has seen the price of iron ore climb by almost 67 per cent this year to more than $120 a tonne, a level it last traded at in 2019.

The price surge has created a huge cash windfall for big producers like BHP and Rio, which at current prices are making more than $100 on every tonne of the commodity they ship to China, the world’s biggest consumers.

Both companies are tipped to announce big dividends when the announce results next month. At the start of its 2018/19 fiscal year, BHP expected to ship between 287m and 283m tonnes of iron ore but was forced to lower guidance after its mines in Western Australian were hit by a tropical cyclone and a major train derailment.

Rival Australian producer Rio has also suffered disruptions and has lowered its production forecasts twice since January. It expects to ship between 320m-330m tonnes of iron ore in 2019, down from 338.2m in 2018. Brazil’s Vale is also shipping less ore following a deadly dam disaster in January.

With BHP and Vale planning major maintenance programmes in September and October respectively, analysts reckon the iron ore market will remain tight. “BHP are expecting a modest production increase of 1 per cent to 6 per cent in 2020 [273m to 286m)”, said Paul Gait, an analyst at Bernstein Research.

“A planned maintenance programme . . . aimed at improving productivity has temporarily put a pause on any potential volume growth in the system.” In a report issued this week, analysts at Deutsche Bank said iron ore prices would not “break” sustainably below the $100 a tonne level until the first half of next year and then remain around $80 until 2021.

“One of the key takeaways from our [recent] China trip regarded clear evidence of a positive trajectory for infrastructure investment activity in the second half of the year, and only a modest deceleration in new [housing] starts during the same timeframe,” wrote analyst Nick Snowdon. “This points to a relatively healthy demand setting for iron ore in the second half of the year.”

In its trading update, BHP said it was likely to record $600m of exceptional items or charges to cover the costs of decommissioning a tailings dam in Brazil and redundancy costs. The company also flagged a $1bn hit from the impact of declining copper grades and the train derailment.

Catenae Innovation (CTEA) Directorate Changes

Catenae Innovation (AIM: CTEA), the AIM quoted provider of digital media and technology, announces the resignation of Tony Sanders as a director of the Company and the appointment of Mr Anthony Flynn as a Non-Executive Director with immediate effect.

Resignation of Tony Sanders

Tony, who became Interim CEO in September 2017 and CEO in June 2018, has guided the Company through significant changes and developments, including the Company’s move into Blockchain technology.

Due to changes in personal circumstances, Tony feels he is unable to commit to continue as CEO and Chair of the Board. Nevertheless, he will maintain some ongoing involvement with the day to day business going forward, assisting in the promotion of the OnSuite product set and Blockchain products.

The Board would like to thank Tony for all his efforts and look forward to his continued support of the business.

Board Changes

Guy Meyer, Business Development Director, will take on the role of Interim CEO to lead the business through the next strategic phase of its development. The board also announces that Mr Kevin Everett takes on the role of Interim Non-Executive Chairman with immediate effect.  Kevin first joined the Board as a Non-Executive Director on 16 May 2013.

Appointment of Anthony Flynn

The board is pleased to announce that Mr Anthony Michael Flynn has been appointed as Non-Executive Director with immediate effect.

The appointment of Anthony Flynn significantly strengthens the capabilities of the board, as well as contributes to its enhanced corporate governance. Mr. Flynn worked at de Zoete & Bevan in their Brokerage division, then in 1986 became a Director of Equities at BZW in London and finally in 1998 as Founder & CEO he set up XBZ Ltd. – a successful boutique Derivatives and Brokerage firm.

XBZ specialised in providing advice, price discovery and the execution of pan European Equity Derivatives to Financial Institutional clients, Inter Dealer Brokers (IDB), large proprietary Traders and Hedge Funds. The firm was recognised as one of the major sources of volume in each derivative exchange.

Mr. Flynn completed the final disposal of his holdings in XBZ in 2015. In the intermediary years he has provided consultancy services to SMEs in various capacities covering structural, financial and corporate governance.

The following information is disclosed pursuant to Schedule 2(g) of the AIM Rules for Companies:

Anthony Michael Flynn, aged 59, does not hold any directorships nor partnerships and has not done so in the past 5 years.

Anthony Michael Flynn is beneficially interested in 31,079,661 ordinary shares, representing 0.95% of the Company’s issued ordinary share capital. Anthony Michael Flynn does not hold any options nor warrants of the Company’s ordinary shares.

There is no further information to be disclosed pursuant to Schedule Two, paragraph (g) of the AIM Rules for Companies.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Kevin Everett, Interim Non-Executive Chairman

For further information:

Catenae Innovation Plc
Guy Meyer
Tel: 020 7929 7826
 

Cairn Financial Advisers LLP, Nominated Adviser
Liam Murray / Jo Turner

Tel: 020 7213 0880

 

Turner Pope Investments (TPI) Limited, Broker
Andrew Thacker

Tel: 020 3621 4120

Cadence Minerals Plc (KDNC) Auroch Minerals (ASX: AOU) – Saints Nickel Project Exploration Programme.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from Auroch Minerals Limited (ASX: AOU) (“Auroch”) on the Company’s exploration strategy for the recently-acquired Saints Nickel Project (“Saints”). Auroch entered into a formal Share Sale Agreement with Minotaur Exploration Ltd (ASX: MEP, “Minotaur”) on the 11th July 2019 to acquire 100% of Saints and the Leinster Nickel Project (“Leinster”).

Cadence currently owns approximately 6.5% of the equity in Auroch Minerals, which is an exploration company targeting principally zinc, cobalt and lithium.

Highlights:

  • Auroch entered into a formal Share Sale Agreement with Minotaur to acquire 100% of the Saints Nickel Project and the Leinster Nickel Project in Western Australia on the 11th July 2019.
  • 97.5% of the existing JORC 2012-compliant high-grade nickel Resources at Saints is fresh primary sulphide mineralisation (total Mineral Resources of 1.05Mt @ 2.00% Ni, 0.20% Cu & 0.06% Co).
  • Significant upside potential to add to the Saints nickel resources through near-resource exploration and drill testing of postulated extensions along strike and/or down-plunge of known nickel sulphide mineralisation.
  • Program of Work (PoW) applications have been submitted to the Department of Mines, Industry, Regulation and Safety (DMIRS) with drilling to commence in August 2019.

The Saints Nickel Project is located approximately 65km northwest of Kalgoorlie and 7km east of the Goldfields Highway. The tenement package comprises two mining leases covering an area of approximately 20km2 of prospective Archaean greenstone belt geology within the Eastern Goldfields province of the Yilgarn Craton.

The Saints Nickel Project high-grade deposit of 1.05Mt @ 2.00% Ni, 0.20% Cu, 0.06% Co1 has historically seen limited nickel exploration over the past decade, remaining open down-plunge and along strike with noteworthy proximal exploration potential through untested or partially tested electromagnetic (EM) conductors. Significant high-grade intercepts at Saints include 2.0m @ 3.17% Ni from 171m depth.

Auroch plans to commence its 2019 exploration programme at its high-grade Saints Nickel Project through a three-phase drilling programme that includes extensional, confirmatory and regional drilling. The Company’s proposed exploration strategy will provide greater confidence and aims to significantly increase the current mineral resources.

The full release can be found at: https://www.investi.com.au/api/announcements/aou/74bab91c-3b2.pdf

Cadence Minerals CEO Kiran Morzaria commented: “Cadence views the acquisition of Saints and Leinster Nickel projects as excellent additions to Auroch’s existing portfolio of projects. As stated by Auroch CEO Aidan Platel, the maiden drill programme at Saints comes at an exciting time as the LME nickel price recently surpassed US$14,000/t. We look forward to further developments when drilling commences next month.”

– 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.

Tertiary Minerals plc (TYM) Sale of shares in Sunrise Resources Plc

The Company announces that on 17 July 2019, it sold 31,500,000 shares in Sunrise at a price of 0.08 p per share for a total consideration of £25,200.  Tertiary now owns 79,454,787 shares in Sunrise, being 2.89% of Sunrise’s issued share capital.

The shares were bought by Patrick Cheetham, Chairman of Tertiary (and Sunrise). Mr Cheetham is a related party to the Company, as defined by the AIM Rules for Companies.  The independent directors of Tertiary, having consulted with the Company’s Nominated Adviser, consider that the terms of the transaction are fair and reasonable insofar as the shareholders of the Company are concerned.

 

 

Enquiries

Tertiary Minerals plc

Richard Clemmey, Managing Director

Patrick Cheetham, Chairman

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Lindsay Mair/Caroline Rowe

+44 (0) 203 470 0470

SVS Securities plc

Joint Broker

Elliot Hance

+44 (0) 203 700 0093

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement

 

Notes to Editors

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration company building and developing a multi-commodity project portfolio – Industrial minerals, base and precious metals.

 

CAUTIONARY NOTICE

The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

 

Catenae Innovation Plc (CTEA) Director’s Dealing

Catenae Innovation Plc (“Catenae” or the “Company”), the AIM quoted (AIM: CTEA) provider of digital media and technology, announces that it received a notification on 15 July 2019 that Tony Sanders, Chief Executive Officer of the Company, transferred his entire shareholding in the Company from his personal account to a SIPP account held in his own name for nil consideration.

Following the transfer, Tony Sanders remains interested in 105,787,499 ordinary shares in the Company representing 3.28% of the Company’s issued share capital.

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

For further information:

Catenae Innovation Plc
Tony Sanders                                                                                   Tel: 020 7929 7826

Cairn Financial Advisers LLP, Nominated Adviser 
Liam Murray / Jo Turner / Ludovico Lazzaretti                               Tel: 020 7213 0880

Turner Pope Investments Limited, Broker
Andrew Thacker                                                                            Tel: 020 3621 4120

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1 Details of the person discharging managerial responsibilities/person closely associated
a. Name Tony Sanders
2 Reason for notification
a. Position/Status Chief Executive Officer
b. Initial notification/
Amendment
Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a. Name Catenae Innovation plc
b. LEI 2138007I2D8YWPMSP544
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

Identification Code

Ordinary shares of 0.1 pence eachISIN: GB0033127910
b. Nature of the transaction  Transfer of ordinary shares
c. Price(s) and volume(s)
Price(s) per share Volume(s)
Nil 105,787,499
d. Aggregated information

– Aggregated Volume

– Price

n/a
e. Date of the transaction 15 July 2019
f. Place of the transaction London Stock Exchange

 

Open Orphan (ORPH) Chief Executive Officer, Cathal Friel discuss an operational update on the Vox Markets Podcast with Justin Waite

Click here to listen to the interview

Open Orphan plc is a European-focussed, rare and orphan drug consulting services platform. The Company consists of four elements: a European clinical research organisation and consultancy; an orphan drug services business; a Virtual Rep and Data Access Platform consisting of physicians and key opinion leaders; and a Health Data Platform to partner with Patient Advocacy Groups. The Company is targeting rapid growth in one of the fastest growing sectors in the global pharmaceutical industry targeting under-supplied treatment for life threatening or very serious diseases and rare disorders.

Cadence Minerals (KDNC) corporate update: Amapá Iron Ore Project developments, restructuring of the loan notes and major holdings in company

Cadence Minerals (AIM/NEX: KDNC) is pleased to provide a corporate update covering the development on the Amapá Iron Ore Project and a restructuring of the Company’s loan notes.

Amapá Iron Ore Project Update

Cadence announced on the 7 June that it had entered into a binding investment agreement  with Indo Sino Pte. Ltd. (“Indo Sino”) to invest in and acquire up to a 27% interest in the former Anglo American plc and Cliffs Natural Resource Amapá iron ore mine, beneficiation plant, railway and private port (“Amapá Project”) owned by DEV Mineração S.A. (“Amapá”). 

As previously announced Cadence’s investment is conditional, amongst other matters, on the approval of a judicial restructuring plan (“JRP”) submitted by Cadence and Indo Sino to the Sao Paulo Commercial Court in Brazil and the transfer of 99.9% of the issued share capital of Amapá to the Cadence and Indo Sino joint venture company (“JVCo”).

Cadence is pleased to confirm that it has placed US$2.5 million into a judicial trust account of the commercial court of São Paulo. These funds will be held in escrow until the preconditions of the JRP are met, which include the approval of the JRP at a creditors meeting, and the grant of key operational licenses. We currently anticipate that the creditors meeting will occur at the end of August.

Once all the JRP preconditions are met (which mirror the preconditions in our investment agreement with Indo Sino) the US$2.5 million will be released and Cadence will own 20% of the Amapá Project.

In anticipation of the approval of the JRP and completion of the preconditions the JVCo is starting several key workstreams, including updating the mineral resource to current standards, beneficiation plant and mine plan reviews and a preliminary economic study amongst others. We look forward to reporting on these over the coming months.

Further information on the project is available in the Company’s announcement on 21 May 2019

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/KDNC/14082106.html

Further information on the binding investment agreement is available in the Company’s announcement on the 7 June 2019

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/KDNC/14102294.html

Restructuring of Loan Notes

Cadence announced on the 24 November 2018 that it had refinanced its outstanding loan notes by entering into a US$4.87 million amortising loan note with a consortium of institutional lenders, which was due to be fully repaid on the 1 December 2019 (“Amortising Loan Note”). At the date of publication, the outstanding principle balance of the Amortising Loan Note is US$2.23 million.

Cadence has completed the restructure of two of the three outstanding loan notes with the same consortium of institutional lenders. The two new loan notes will repay US$ 1.19 million of the Amortising Loan Note and have been restructured as a convertible loan note with an exercise price of 0.12 pence and will attract an effective annual interest rate of 7.9% (“Convertible Loan Note”)

Cadence will initially only pay the interest on the Convertible Loan Note until the 1 January 2020, after which 50% of the outstanding balance will be paid back over 8 months (1 August 2020). The outstanding 50% will be paid back on 1 September 2020.

In addition, and to, in part, fund the working capital requirements of the Amapá Project, as outlined above, Cadence has drawn down a further US$ 1.25 million of the Convertible Loan Note under the same terms. After this draw down the outstanding balance on the Convertible Loan Note US$2.44 million. The note is secured over the Company’s assets.

The Company is finalising terms to fund the balance of the Amortising Loan Note, which is anticipated to be on the same terms of the Convertible Loan Note announced today.

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

– Ends –

TR-1: Standard form for notification of major holdings

 

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:

Cadence Minerals Plc

 

 

1b. Please indicate if the issuer is a non-UK issuer  (please mark with an “X” if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

An acquisition or disposal of financial instruments

X

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligationiv

Name

Trafalgar Trading Fund Inc.

City and country of registered office (if applicable)

Cayman Islands

4. Full name of shareholder(s) (if different from 3.)v

Name

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reachedvi:

08/07/19

6. Date on which issuer notified (DD/MM/YYYY):

10/07/19

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuervii

Resulting situation on the date on which threshold was crossed or reached

n/a

9.07%

9.07%

10,546,196,754

Position of previous notification (if

applicable)

n/a

n/a

n/a

 

8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rightsix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

SUBTOTAL 8. A

 

 

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expiration
date
x

Exercise/
Conversion Period
xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

Convertible loan note

01.09.20

08.07.19-01.09.20

957,033,101.65

9.07%

SUBTOTAL 8. B 1

957,033,101.65

9.07%

 

 

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expiration
date
x

Exercise/
Conversion Period 
xi

Physical or cash

settlementxii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

 

 

 

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii

X

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity
xiv (please add additional rows as necessary)

Namexv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional informationxvi

Place of completion

Hong Kong

Date of completion

10/07/19

– 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.

 

ECR Minerals (ECR) Update – Timor Gold Project – Australia

ECR Minerals plc (LON:ECR), the precious metals exploration and development company, is pleased to provide an update in respect of exploration activities at the Timor Gold Project (the “Project”) in Victoria, Australia. The Timor Gold Project is one of five projects held by ECR in the Victorian Goldfields region.

The Company has now commenced the rock chip sampling programme which will include the sampling of rock dumps from old gold workings on the licence area. The sampling will be undertaken along the two fault zones and the objective will be to establish the style of gold mineralisation present.

In total 91 samples have been collected from Timor and submitted to the laboratory for assay testing.

The Company has noted a recent gold prospecting documentary that was filmed in the Victorian Goldfields, Australia close to some of the Company’s licence areas.

During the documentary the team working near Dunolly, approximately 5 km from the boundary of the Timor gold licence area discovered a 2.2kg gold nugget in an old alluvial channel with an estimated value of circa $200,000.

Whilst this discovery has not been independently verified by the Company and there is no guarantee that any more such nuggets will be found in the area, the directors are very encouraged by the discovery which they believe validates their ongoing belief in the untapped potential of the primary mineralisation in the area; the nuggets have to have a local, primary source.

While gold nuggets are not the ECR objective in discovering a new economic primary gold deposit at Timor, they do form an added occasional bonus to the overall economics, especially when they form part of a rich high grade ore shoot.

A map showing the approximate location of the discovery in relation to the Company’s licence areas may be viewed through the following link on the Company’s website:

https://www.ecrminerals.com/images/2019/image-1.png

Craig Brown, Chief Executive Officer commented: “I am pleased to confirm that the rock dump sampling from old workings is now underway at the Timor Gold Project and look forward to the findings from this work.

We are aware of many prospectors searching for gold in and around the Company’s licence areas, and that includes the Timor gold project. This is interesting and demonstrates the potential of our ground.

However, it is worth noting that should ECR make a discovery within its licence areas, it would be seeking to implement a significant commercial gold production operation which has a different scale to that seen in local prospecting and for which extensive preparatory planning and execution would be needed.

I look forward to providing further market updates in respect of Timor and our other Victoria gold fields interests, including Creswick where significant work is underway at present testing whole of reverse circulation sample bags for gold.”

Background to the Timor Gold Project:

Timor Gold project is located in Victoria Australia and held under exploration licence EL006278;

Historical records demonstrate that the Maryborough goldfield has produced over 640,000 ounces of gold from hard-rock and alluvial sources, with 220,000 ounces mined from hard-rock operations at an average grade of 14g/t gold. (See references below).

Two major fault zones have been identified on the Project, namely the Shaw-McFarlane Fault Zone (“SMFZ”) and the Leviathan-Mariners Fault Zone (“LMFZ”), which are responsible for the majority of the hard-rock gold production.

The SMFZ has been shown to have consistently produced high grade gold mines along its length with Shaw’s Reef, McFarlane’s Reef and Havelock Monte Christo having recorded production at average grades ranging from 22g/t gold to 217 g/t gold with certain operations having been impacted by metallurgical challenges. (See references below.)

Opportunities exist within the SMFZ to identify and process gold mineralisation at potentially very high grade by applying modern processing techniques to resolve processing challenges that limited production many years ago.

The LMFZ hosts a large number of variably sized reefs that occur within the fault zone. These reefs are associated with diorite dykes and generally offer larger gold targets, albeit at lower grade compared to the SMFZ and historical mining records demonstrate that mining activities were often to relatively shallow depths.

Most of the LMFZ is under shallow alluvial cover which produced a considerable amount of gold in the early days of the Maryborough gold rush of the 1850s.

Both the SMFZ and the LMFZ have potential for modern open cut and underground mining techniques, because of the scale of the deposits present.

A program of reconnaissance rock dump sampling from the old workings is to be undertaken initially, along the two fault zones, to establish the style of gold mineralization.

Subject to the findings from the sampling programme this may be followed by a grid-based GPS pXRF survey for antimony and arsenic as pathfinders to gold mineralization where outcrop or shallow cover exists.

Thereafter a scout Rotary Air Blast (“RAB”) drilling program on the best developed targets may be undertaken.

Further information to follow as each step of the exploration programme is implemented and the results interpreted.

COMPETENT PERSON STATEMENT

This announcement has been reviewed by Neil Motton BAppSc (Hons), MAusIMM (CP), FSEG, a geological consultant to the Company’s wholly owned subsidiary Mercator Gold Australia Pty Ltd with more than 30 years of professional experience. Mr Motton is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.

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.

References:

HOWITT, A.M., 1913. The Maryborough goldfield. Geological Survey of Victoria Memoir 11. Department of Mines, Victoria, 76 pp.

Whitelaw, H.S., 1899, Antimony Ores in Victoria. Geological Survey of Victoria Special Report.

ANON., Undated. Leviathan Gold Mines, Maryborough. Map showing Mining Lease areas, locations of shafts, reefs, alluvial leads composite level plans for mines, etc. Plan No 1757/B/1.

ANON, 1888, Lands held under Leases for Gold Mining, Shaw’s & Mariner’s Reef, Maryborough. Register for Mining Registrar for March, 1888.

Tertiary Minerals plc (TYM) Paymaster Polymetallic Project Update

Further to the Company’s announcements of 21 February 2019 and 30 May 2019, Tertiary Minerals plc is pleased to advise that initial follow-up field reconnaissance of soil anomalies at its recently acquired Paymaster Polymetallic Project in Nevada has identified two zones of zinc-silver mineralisation for follow-up exploration and drilling. 

Highlights: 

Valley Prospect

  • New thick skarn zone observed in the field: Approximately 350m long and up to 8m thick
  • Rock sample taken from historic shaft spoil assayed 7.5% zinc, 4.3% lead and 180g/t silver

East Slope Prospect

  • 650m long zinc soil anomaly (100-250 ppm zinc) surrounding previously sampled outcrop of zinc-silver cobalt bearing skarn mineralisation, including 175m long 250-500 ppm zinc soil anomaly
  • Previous rock sample assays up to 20.9% zinc, 0.11% cobalt and 198 ppm silver within the prospect
  • Infill soil sampling and trenching proposed to better define drill target

Additional soil anomalies require further evaluation

Richard Clemmey, Managing Director of the Company, commented today: 

“We are pleased to be reporting these two new targets as a result of follow up of our soil sampling results at the Paymaster Project and to be closing in on drill targets at such an early stage in the life of the project. This follows on from our recent acquisition of the Pyramid Gold Project, also in Nevada, where drill targets for gold are already defined.

These results demonstrate how value can be added at low cost as we build up a new portfolio of base and precious metal projects in the western USA.”

 

Enquiries
Tertiary Minerals plcRichard Clemmey, Managing DirectorPatrick Cheetham, Chairman  
+44 (0) 1625 838 679             
SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker 

Lindsay Mair/Caroline Rowe

+44 (0) 203 470 0470
SVS Securities plc

Joint Broker

Elliot Hance

+44 (0) 203 700 0093

 

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