Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from Auroch Minerals Limited (ASX: AOU) (“Auroch”) that it has received firm commitments for a placement of 9,000,000 shares at $0.07 per share to raise a total of A$630,000 (before costs).
The placement received strong interest from sophisticated or professional investors, reflecting investor confidence in Auroch. Golden Triangle Pty Ltd is Lead Manager to the placement and will receive a fee of 6% on all funds raised and 3,000,000 unlisted options each exercisable at $0.10 and expiring on 30 November 2021 for providing these services. The shares and options are expected to be issued on 5 August 2019 and will be issued within the Company’s placement capacity under ASX Listing Rule 7.1.
The issue price of $0.07 per share under the placement represents a 6.2% discount to the Company’s 15-day Weighted Average Volume price (VWAP).
Proceeds from the placement will be used to fund a drilling campaign on the Saints Nickel Project (refer to Auroch’s announcement on 18th July 2019), exploration activities on the Leinster Nickel Project and for the Company’s general working capital requirements.
The full release can be found at: https://www.investi.com.au/api/announcements/aou/77f4f91b-a01.pdf
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For further information:
|Cadence Minerals plc||+44 (0) 207 440 0647|
|WH Ireland Limited (NOMAD & Broker)||+44 (0) 207 220 1666|
|Novum Securities Limited (Joint Broker)||+44 (0) 207 399 9400|
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.
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.