Home » Cadence Minerals (KDNC) » Cadence Minerals #KDNC – Re Bacanora Minerals update on the proposed re-domicile

Cadence Minerals #KDNC – Re Bacanora Minerals update on the proposed re-domicile

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) reports that Bacanora Minerals Ltd (‘Bacanora’, AIM: BCN, TSXV: BCN) has today announced it intends to re-commence the process of changing its domicile of jurisdiction from Canada to the UK.

Bacanora now intends to raise a significant amount of new debt and equity financing to fund its growth as an international lithium company with new projects in Mexico and Germany and believes that a UK domiciled company with its primary listing on AIM is the best way to achieve this.  Bacanora intends to move its head office and its senior management to the UK, and as a result, anticipates that the Re-domicile will result in significant cost and administrative savings

The full announcement can be found here: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BCN/13527268.html.

Further to the announcement on the 01 February 2018 by Bacanora, in which it updated the progress in regards to the Strategic Cornertone Investor Financing, Cadence minerals current holds approximately 9% of Bacanora’s equity and once the financing is complete Cadence will hold approximately 7% of Bacanora’s equity. Cadence also holds 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 Sonora Lithium Project in Northern Mexico.

– Ends –

 

For further information, please contact.

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

Hannam & Partners LLP (Joint Broker)

+44 (0) 207 907 8500

Neil Passmore

Giles Fitzpatrick

Square1 Consulting

+44 (0) 207 929 5599

David Bick

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.

About Cadence Minerals:

Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £25 million vested in key assets globally, Cadence is helping us reach tomorrow, today.

Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.


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