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Cadence Minerals #KDNC – European Metals #EMH – Confirmation of Refining Process – Strong results from Locked-Cycle Tests.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that European Metals Holdings Limited (“European Metals” “EMH”) has today announced results of locked-cycle testwork, a metallurgical processing assessment conducted on ore concentrate extracted from the Company’s flagship Cinovec lithium project.

Highlights:

  • Successful locked-cycle test (“LCT”) results further support the Cinovec project’s credentials to initially produce battery-grade lithium carbonate.
  • European Metals has demonstrated that Cinovec battery grade lithium carbonate can be easily converted into lithium hydroxide monohydrate with a commonly utilised liming plant process.
  • Six LCTs were planned but testwork was stopped after four cycles as the main process stream compositions had successfully stabilised.
  • Battery grade lithium carbonate was produced in every LCT with lithium recoveries of up to 92.0% achieved in the four LCTs performed.
  • The LCTs tested zinnwaldite concentrate from the southern part of Cinovec, representative of the first five years of mining.
  • Improved fluoride removal process step further enhances project’s economic outcomes as a result of the regeneration and reuse of the ion exchange resins.
  • Further optimisation work in hydrometallurgy processing steps expected to improve lithium recoveries from concentrate to >92.0%.

The Cinovec project, located on the German border of the Czech Republic, is the largest hard-rock lithium resource in Europe, containing lithium-bearing mica known as zinnwaldite which the Company intends to refine using a number of processes initially outlined in a Pre-Feasibility Study (“PFS”) (see ASX Announcement dated: 17 June 2019).

Link here for the full EMH announcement and detailed background on the locked-cycle tests:  https://www.londonstockexchange.com/news-article/EMH/strong-results-from-locked-cycle-tests/14983163

European Metals Executive Chairman Keith Coughlan commented; “In a significant vote of confidence for our Pre-Feasibility Study, the proposed process methodology has been confirmed by excellent locked-cycle test results which also include new processes involving recycle streams. The robustness of the process was further confirmed by the stabilisation of the process streams, enabling the work to stop after only four of the six test cycles were completed. The recovery of up to 92% of the lithium in the zinnwaldite concentrate at this early stage of DFS testwork is very promising for increased recoveries during the planned process optimisation work. Further, an improved fluoride removal step which is cheaper and cleaner represents only the beginning of further optimisation work which we expect will result in greater lithium recoveries and even stronger economics for the Cinovec Project.

It is also encouraging to note that the process was as successful as that conducted during the 2019 PFS on the Central/NW part of the orebody, further underlying the consistency of the Cinovec ore body.

We look forward to providing further updates on the Definitive Feasibility Study work as it unfolds.”

Cadence CEO Kiran Morzaria added; “These locked-cycle test results further highlight Cinovec’s potential as a future battery grade lithium supply hub for Europe and the rest of the world. Cadence are pleased to remain shareholders and supporters of EMH, and we look forward to further developments.”

Cadence Minerals Holding in EMH

Cadence holds approximately 11% percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o. (“Geomet”), controls the mineral exploration licenses awarded by the Czech State over Cinovec.

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For further information:

Cadence Minerals plc +44 (0) 7879 584153
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-lookingstatements.

Cadence Minerals #KDNC – Bacanora Lithium (AIM: BCN) – Commencement of early site works at Sonora Lithium Project.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Bacanora Lithium (AIM: BCN) (the “Company” or “Bacanora”) has commenced initial site activities at the Sonora Lithium Project (the “Project”), located in Mexico. This milestone follows the Company’s successful US$65 million fundraise last week, which, in combination with existing cash and the undrawn portions of its debt financing facility, will finance Bacanora’s 50% share of the capital cost required for Stage 1 of the Project.

Bacanora is building the Project together with its partner, Ganfeng Lithium Co., Ltd. (“Ganfeng”), the world’s largest lithium metals producer. Both parties are working towards a development timetable for Sonora, with scheduled production of battery grade lithium products in 2023.

Initial site works

The Company has engaged a local specialist ecological services company based in Sonora to begin initial site works. These activities will involve the rescue and removal of surface vegetation and topsoil in the area required for the construction of the lithium processing plant. These activities are being performed in compliance with its obligations pursuant to its environmental approvals. The excavated material will be stockpiled at a location adjacent to the plant site and will be stored in an approved manner in order that it can be incorporated into the future project rehabilitation schedule. A team of 15 personnel has been deployed to site, including two ecologists, a biologist, and a forestry engineer. The majority of these personnel reside in the local area. In addition, the Bacanora construction team has commenced the preparatory work required to upgrade the main access road to the site in preparation for providing access for heavy equipment to commence the bulk site earthworks later in the year. The tender process for this work has commenced and is focusing on using local construction and engineering groups from the surrounding Sonora region. Work is also currently underway to commence the tender process for the site accommodation and ancillary facilities, scheduled to be commissioned by the end of Q2, 2021.

Engineering works

Transmission of engineering drawings and documentation from Ganfeng and its equipment suppliers in China has commenced and the final engineering packages will be delivered to Bacanora in Q2, 2021. In addition, Bacanora is working with its principal equipment suppliers to finalise a schedule for the delivery of the larger items of processing equipment for delivery in 2022.  As part of this schedule, orders for the larger items of process equipment that have delivery schedules of over 12 months will be placed during Q3, 2021 for delivery to site in late 2022.

Community Engagement

Bacanora continues to work with the Sonora Government and the local municipalities in the region of the mine site. With the critical step of project funding now completed, the Company will continue to develop its community engagement strategy on education, training and development of local workforce as the Project transitions through the development stage into operations in 2023.

The Company’s latest presentation is also available for download here: https://www.bacanoralithium.com/investor-relations/restricted-company-presentations/

Link here for the full BCN announcement: https://www.londonstockexchange.com/news-article/BCN/commencement-of-early-site-works-at-sonora/14859200

Peter Secker, CEO of Bacanora said:  “I am delighted to announce Bacanora has commenced initial site works at the Sonora Lithium Project, located in Mexico. This milestone cements Bacanora’s transition into a mine-development company as it looks to fulfil its ambition of becoming a lithium producer in 2023. I look forward to updating the market with further positive progress reports as we build the Sonora Lithium Project in conjunction with our strategic investor and project partner, Ganfeng.” 

Cadence CEO Kiran Morzaria added:  “Today’s announcement not only marks a significant step towards Bacanora’s ambition to become a lithium producer in 2023, but also reflects positively on our ambitions for the Mexalit and Megalit joint ventures with Bacanora, which are part of the Sonora 20-year mine plan. We look forward to further news on the mine development.”

Cadence Minerals – Holdings in Mexalit and Megalit: 

Bacanora is a lithium exploration and development company. Cadence 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 form part of the 20-year mine plan of the Sonora Lithium Project in Northern Mexico.

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

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For further information:

Cadence Minerals plc                                                    +44 (0) 7879 584153
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 Cadence’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 Cadence. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence cannot assure investors that actual results will be consistent with such forward-looking statements.

Cadence Minerals #KDNC – European Metals #EMH – Cinovec Project – Measured Resource Drilling Update.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that European Metals Holdings Limited (“European Metals” “EMH” or “the Company”) has today announced initial results from its current nineteen hole resource drilling programme at the Cinovec Project. The current programme of work was announced by the Company on 10 August 2020 (Measured Resource Drilling Commenced). Drilling of twelve of the nineteen holes has been completed and the thirteenth hole is currently underway. Analytical results for first six of the drill holes from the Cinovec South deposit are reported.

Highlights:

  • Completion of 12 of a total of 19 hole programme at the Cinovec Project.
  • Interim results from first 6 holes in line with or better than expectations
  • Cinovec contains the largest hard rock lithium deposit in Europe
  • Cinovec is fully funded to final investment decision with approximately EUR 26.7m in Project Company currently
  • EMH intending to become one of the lowest carbon footprint producers of battery grade Lithium Hydroxide and lithium carbonate in Europe
  • Cinovec is situated within 250 km of numerous existing or proposed end users of battery grade Lithium chemicals

Given the relative ease of beneficiation of the Cinovec deposit through wet magnetic separation it was decided that it was important to report the drill results and the “in lab” beneficiation results.  As reported to the market 21 October 2016 (Outstanding Lithium Recoveries at Coarse Grind) wet magnetic separation (“WMS”) achieved a near pure lithium mica concentrate grading 2.85% Li2O with a lithium recovery of 92%.

Results:

  • Resource drill holes CIS-18, CIS-19, CIS-20, CIS-21, CIS-22 and CIS-23 have been completed including analytical reports.
  • Resource drill holes CIS-24, CIS-25, CIS-26, CIS-28, CIS-29 and CIS-30 have been drilled with analytical results pending.
  • Drilling of resource hole CIS-27 is currently underway.
  • Hole CIS-18 returned 57m averaging 0.41% Li2O, incl. 5m @ 0.96% Li2O, 3 m @ 1.13% Li2O, 0.12% Sn (Tin) and 0.104% W (Tungsten), and 7 m @ 0.136% W.
  • Hole CIS-19 returned 68.9m averaging 0.45% Li2O and 0.11% Sn, incl. 10.8m @ 0.75% Li2O, 10m @ 0.13% Sn, 2.25m @ 0.54% Li2O, 0.15% Sn and 0.13% W, 4m @ 0.95% Sn, and 2m @ 0.15% Sn.
  • Hole CIS-20 returned 82.8m averaging 0.41% Li2O, incl. 8.9m @ 0.66% Li2O.
  • Hole CIS-21 returned 76.3m averaging 0.55% Li2O, incl. 12m @ 0.81% Li2O.
  • Hole CIS-22 returned 115.5m averaging 0.47% Li2O, incl. 3m @ 0.91% Li2O and 3m @ 0.87% Li2O, and 28m @ 0.27% Sn.
  • Hole CIS-23 returned 98.6m averaging 0.51% Li2O, incl. 9.7m @ 0.92% Li2O, 1m @ 1.49% Li2O, and 2.9m @ 1.31% Li2O.

In all of the six holes, the upper section of the drilled ore body is elevated in tin. The best intercept was returned from the hole CIS-22, with an interval of 28m averaging 0.27% Sn. If considered no cut-off and internal waste, following tin intercepts were recorded: 29 m @ 0.1% Sn in CIS-18, 52m @ 0.14% Sn in CIS-19, 74m @ 0.06% Sn in CIS-20, 37m @ 0.1% Sn in CIS-21, 50.5m @ 0.17% Sn in CIS-22, 71.5m @ 0.09% Sn in CIS-23.

The current drill programme has been planned to define blocks of resource for the first 5 years of mining within the Cinovec-South area, with a goal to convert the resource from indicated to measured category. The holes have been terminated in ore consistent with the aim of targeting the first 5 years of resource blocks for the mine.

Link here for the full EMH announcement, detailed mineralized intercepts and lithology, and project background:  https://www.londonstockexchange.com/news-article/EMH/drilling-report/14848789

European Metals Executive Chairman Keith Coughlan commented; “We are pleased to report that these interim results of the current drilling programme at Cinovec are either in line with, or better than our expectations. The primary purpose of the programme is to convert a larger portion of the resource to the measured category to provide greater certainty of the financial model and security to the financiers we are currently in discussions with. It is important to note that the first stage of the proposed process, the wet magnetic separation has the effect of greatly increasing the grade of lithium oxide in the concentrate to approximately 2.85%. 

The zinnwaldite concentrate produced from Cinovec requires only roasting, compared to the calcination and roasting required of processing spodumene.  The combined effect of not requiring calcination, energy intensification and use of natural gas is expected to considerably reduce greenhouse gas emissions of the Project when compared to existing spodumene projects.”

Cadence CEO Kiran Morzaria added; “These strong drilling results serve to highlight the overall quality of the Cinovec project, and the reason EMH has attracted a partner of the calibre and size of CEZ Group. With Cinovec set to play a key role in as a battery grade lithium supplier to the lithium market in Europe and Worldwide, Cadence are pleased to remain shareholders and supporters of EMH, and we look forward to further developments.”

Cadence Minerals Holding in EMH

Cadence holds approximately 12% percent of the equity in European Metals, which owns 49% of Geomet s.r.o. (“Geomet”), controls the mineral exploration licenses awarded by the Czech State over Cinovec.

– Ends –

For further information:

Cadence Minerals plc +44 (0) 7879 584153
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 – European Metals #EMH Appoints Leading Global Engineer for Cinovec Project

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that European Metals Holdings Limited (“European Metals” “EMH” or “the Company”) has today announced the appointment of SMS group Process Technologies GmbH (“SMS group”) as the lead engineer for the minerals processing and lithium battery-grade chemicals production at the Cinovec Project (the “Agreement”).

The Cinovec Project, a joint venture between European Metals and ČEZ Group through its subsidiary Severočeské doly , has recently received investment in the amount of EUR 29m, funding the Project through to the construction decision.

Under the Agreement, SMS group will provide a complete Front-End Engineering Design (“FEED”) study as the major component of the ongoing Definitive Feasibility Study (“DFS”) work at Cinovec.

Headquartered in Dusseldorf, the German family-owned SMS group is one of the world’s leading companies in plant construction and mechanical engineering for the technology metals and materials sector. Employing more than 14,000 people globally and with a presence in more than 50 countries, SMS group earned global revenues of €2.9bn in the year ended 31 December 2019. SMS group is also a world leader in electrical and automation systems including digital solutions for self-learning processing plants to continously optimise plant performance, product quality and energy consumption. Being in business for more than 150 years, SMS group has a rich track record in the successful development and delivery of complex large-scale integrated plants.

Under the Agreement, SMS will provide the following to the Cinovec Project:

  • Full process integration from the point of delivery of ore to the underground crusher through to the delivery of finished battery-grade lithium chemicals for battery and cathode manufacturers.
  • The FEED will include all of the process steps – comminution, beneficiation, roasting, leaching and purification.
  • The FEED will encompass both the lithium process flowsheet and the tin/tungsten recovery circuit delivering metal concentrates to refineries.
  • The FEED is intended to deliver a binding fixed price lump sum turnkey EPC contract with associated process guarantee and product specification guarantees for battery-grade lithium chemicals. The combination of these will greatly assist to underwrite project financing from leading European and global financial institutions lending into this new energy EV-led industrial revolution.

The FEED study will commence immediately and is expected to deliver the EPC contract, as the final component part of the Cinovec DFS, by the end of 4Q 2021.

The full release can be found at: https://www.londonstockexchange.com/news-article/EMH/appointment-of-leading-global-engineer/14694966

Herbert Weissenbaeck, Senior Vice President for Strategic Project Development at SMS group, commented “Having successfully completed thorough technical due diligence we believe in the compelling value proposition of Geomet’s Cinovec Lithium/Tin/Tungsten project, which is set to become a cornerstone of the e-mobility driven European battery metals landscape. SMS group is delighted to deploy its second-to-none technology metals and materials production know-how and EPC capabilities into this exciting project.”

European Metals Executive Chairman Keith Coughlan commented; SMS is the ideal engineering partner for the Cinovec Project as it is based in neighbouring Germany with a globally-respected process design capability. The appointment of SMS is the culmination of a negotiation and due diligence process that has lasted over a year.  EMH, Geomet and Č EZ have all been consistently impressed by SMS group’s capabilities and insights into the development of efficient high recovery plants capable of producing very high-quality end-products. Successful delivery of the FEED study will provide a gateway to financing institutions and off-takers of the highest quality. We believe that the intended product and process guarantees will greatly enhance the Project finance either directly through commercial lenders or through the recently announced collaborative agreement with EIT InnoEnergy.”

Pavel Čmelík, CEO of Geomet a.s. and Director, New Ventures Development, Č EZ a.s., commented; “Č EZ is very happy to have a world-leading process engineer join the Cinovec Project, an integrated mine and battery-grade chemicals producer which is expected to be a key contributor to the ongoing energy sector transformation within the European Union. We look forward to working together with SMS group to fulfil the considerable potential of this Czech project in the wider European context”. 

Cadence Minerals Holding in EMH

Cadence holds approximately 15% percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o. (“Geomet”), controls the mineral exploration licenses awarded by the Czech State over Cinovec.

– Ends –

For further information:

Cadence Minerals plc+44 (0) 7879 584153
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 – Bacanora Lithium #BCN Sonora Lithium Project, Lithium Market & Covid-19 Update

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update published today by Bacanora Lithium (AIM:BCN) (“Bacanora”), both on the Lithium market, and on its activities at the Sonora Lithium Project in Mexico (‘Sonora’ or the ‘Project’) in light of the ongoing Covid-19 pandemic.

Cadence Minerals – Holdings in Mexalit and Megalit:

Bacanora is a lithium exploration and development company. Cadence 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 form part of the 20-year mine plan of the Sonora Lithium Project in Northern Mexico.

Sonora Operations

The Pilot Plant has completed the bulk sampling required for the Sonora plant and engineering designs. These samples have been sent to the Company’s relevant partners in the USA and China for optimisation of the final designs.

Engineering

All engineering work is now being undertaken off-site. GR Engineering (“GRES”) has completed its concentrator design work and will integrate this into the overall project scope. Importantly, the Company’s joint venture partner, Ganfeng Lithium (“Ganfeng”), has also completed its flow sheet design testwork for the production of battery grade lithium from the samples provided by the Pilot Plant; Ganfeng is now integrating these results into a larger scale design, and remains on schedule to deliver its final engineering packages at the end of Q4 2020. Lastly, Ganfeng is working with its equipment suppliers to determine equipment delivery times and process guarantees.

Bacanora therefore remains on schedule to commence initial site works at Sonora in H1 2021, subject to completion of financing, which would enable commencement of production at the plant in 2023. This timeframe coincides well with the anticipated increase in lithium demand from European, Asian and US electric vehicle manufacturers expected that year*.

Covid-19 and the Mining Industry in Sonora

The number of new Covid-19 cases continues to fall in the Sonora district of Mexico and lockdown restrictions are slowly being lifted. The Company continues to monitor the situation closely, with the health and safety of its employees and communities remaining its top priority.

New health and safety protocols and social distancing will remain in place at the Pilot Plant for the foreseeable future but will not impact the Company’s ability to continue to work on site. Most of the larger scale mining operations within the Sonora district, are now back in production and Bacanora will have employees back in the field in October to survey site access roads in preparation for site access works in Q2 2021.

Recently, the federal government implemented austerity measures as a result of COVID-19, one of which is the restructuring of several undersecretary positions in various sectors, including that for mining.  The functions, staff, and responsibilities of the areas that reported to the undersecretary for mining remain intact, and will continue to function as normal, under the responsibility of the Secretariat of the Economy.  President Andrés Manuel López Obrador (“AMLO”) and the Secretariat of the Economy have consistently supported investment in the mining sector and specifically projects with downstream applications, such as Bacanora’s Sonora Lithium Project. This government wide austerity measure does not represent a change in those policies.

Lithium Market

Recent forecasts from Chile, the world’s largest producer of downstream battery grade lithium products, indicate that, as electric vehicles sales in Europe and China continue to rebound post the Covid-19 downturn, the electric car industry is forecast to dominate demand for lithium over the next ten years. By 2030, EV demand will account for more than 75% of consumption, up from 30% in 2019. As a result, demand for lithium for electric vehicles would surge to 1.4 million tonnes by 2030**, almost a five-fold increase from the current 300,000 tonnes of demand in 2019***.

* https://www.iea.org/reports/global-ev-outlook-2020  

** https://uk.reuters.com/article/chile-lithium/electric-cars-to-account-for-79-of-lithium-demand-by-2030-chile-idUKL1N2FS22Q  

*** http://coinnews.tv/lithium-outlook-2019-a-transition-year-ahead/  

The full Bacanora release can be found at: https://www.londonstockexchange.com/news-article/BCN/sonora-operational-update/14680960

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) 7879 584153
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) (ASX: MIO) Joint Venture Partner Fe Limited Acquires Advanced Iron Ore Project.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the “Company” or “Macarthur”) Joint Venture Partner, Fe Limited (“FEL”) has announced that it has entered into a binding Heads of Agreement to acquire a 50% interest in the Yarram Iron Ore Project in the Northern Territory.  The consideration is A$1.5m in cash and shares with a further A$1.5m in cash and shares payable on achieving a JORC indicated resource milestone. FEL is to cover certain historical and future costs.  FEL will operate the Joint Venture and has a casting vote on the majority of key issues, with approval of other matters not to be unreasonably withheld. 

Outstanding historical drill intercepts include: ·       

  • 108m @ 65.6% Fe, 2.3% SiO2, 1.8% Al2O3, 0.037% P from 18m in hole RJRC0119
  • 65m @ 66.4% Fe, 2.0% SiO2, 1.5% Al2O3, 0.022% P from 13m in hole RJRC069 (hole finished in 65.9% Fe)
  • 35m @ 62.9% Fe, 4.3% SiO2, 1.6% Al2O3, 0.045% P from 23m in hole RJRC0106 

Yarram is located just over 100km by road from Darwin and is adjacent to the Browns Polymetallic project which is presently on care and maintenance. FEL is purchasing its interest from Gold Valley Iron and Manganese Pty Ltd which owns the iron ore rights over the Yarram area, which represents a portion of a mining licence (MLN 1163 and two exploration licences, ELR 125 and ELR 146).  The Mining licence is located on Freehold land. The underlying tenure is owned by an unrelated party, Northern Territory Resources Pty Ltd, owner of the Browns Polymetallic project. 

The full release can be found at: https://web.tmxmoney.com/article.php?newsid=5642913978913134&qm_symbol=MMS 

Macarthur President and Executive Chairman Cameron McCall commented:“We are excited by the news that Fe Limited is acquiring a 50% interest in the Yarram Iron Ore Project.  With the current robust iron ore market, FEL’s play for a mature iron ore asset like Yarram, which is located close to existing port and mining infrastructure, is a smart move. As Macarthur currently holds 26,666,667 Ordinary Shares in FEL (and pursuant to its Joint Venture Agreement with FEL, can earn a further $500,000 in cash or shares in FEL under the earn-in arrangements), the successful delivery of the Yarram Project by FEL and its joint venture partner, Gold Valley Iron and Manganese Pty Ltd, has the potential to form part of the continuing success story for Macarthur and its shareholders.  We wish FEL and its management team well in the pursuit of its objective to bring Yarram into production.”  

Cadence Minerals Holding in Macarthur Cadence holds approximately 2.2% 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.

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) 7879 584153
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 – European Metals #EMH Commences Measured Drilling Programme At Cinovec

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from European Metals Holdings Limited (“European Metals” “EMH” or “the Company”) that a Measured Resource drilling has commenced at the Cinovec Lithium-Tin Project (“the project” or “Cinovec”).

Highlights:

  • A total of nineteen resource drill holes will be completed during this campaign for a total of 5,550 m, with the first hole well advanced.
  • A further two hydro-geological drill holes and four geotechnical drill holes are planned once resource drilling has been completed.
  • The programme will provide approximately 10t of drill core for further metallurgical testing and to generate samples..

EMH confirms that drilling has commenced and that the first hole, CIS-18, is on schedule for completion at 275 metres. The programme commenced following the Company receiving permission from the statutory authorities in the Czech Republic for this year’s planned diamond drilling campaign.

Drilling is aimed at converting a sufficient portion of the existing Indicated Mineral Resource to the Measured Resource category and subsequently to a Mineral Reserve, to cover the first two years of the scheduled mining plan and obtaining a sufficient amount of ore samples for the next phase of metallurgical testing. The majority of the material will be utilised in the pilot scale testing for the Front End Engineering Design (“FEED”) Study.

A total of nineteen diamond drill holes will be completed for 5,550 metres.  A further four geotechnical holes along the planned underground decline route will be drilled and logged subsequent to the completion of the resource drilling. This data will allow final development ready designs to be completed for the declines.

Cadence Minerals Holding in EMH

Cadence holds approximately 15% percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o. (“Geomet”), controls the mineral exploration licenses awarded by the Czech State over Cinovec.

The full release can be found at: https://www.londonstockexchange.com/news-article/EMH/measured-resource-drilling-commenced/14646754

EMH Executive Chairman Keith Coughlan commented: “It is very pleasing to be able to get back to drilling on the Project. There are no Covid 19 related movement restrictions or limitations and the drilling is progressing well. The aim of the campaign is to convert the initial years mining into Proven Reserves category. Following consultations with potential lenders, we expect that this will assist greatly in the securing of more attractive debt finance for the Project once we enter that stage of operations.”

– Ends –

For further information:

Cadence Minerals plc +44 (0) 7879 584153
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 – European Metals #EMH Partnership Agreement With European Body

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from European Metals Holdings Limited (“European Metals” “EMH” or “the Company”) that a “Value Added Services Agreement” with KIC InnoEnergy SE (“EIT InnoEnergy”), the principal facilitator and organiser of the European Battery Alliance, has been entered into today by Geomet s.r.o. in respect of the Cinovec Lithium Project in the Czech Republic (“Cinovec” or the “Project”).

The Project, a joint venture between European Metals and CEZ, has been recently funded to the amount of approximately EUR 29m, taking the Project through to construction decision and the purpose of the financing agreement with EIT InnoEnergy (the Agreement) is to support the construction financing and ultimate commercialisation of Cinovec, the largest hard rock Lithium deposit in Europe, by EIT InnoEnergy providing assistance to EMH to support the:

o  Sourcing construction finance;

o  Securing grant funding; and

o  Assisting in offtake introductions and negotiations.

EIT InnoEnergy leads the the European Battery Alliance which was initated by the European Commision in 2017 to create a competetive and sustainable battery cell manufacturing value chain in Europe.

Last week the EU approved the Green Stimulus Plan, agreeing to invest more than 500 billion euros into a climate change plan including electric vehicles and renewable energy.

Based on Cinovec’s economics, long mine life and proximity to the key manufacturing centers in Europe leading the EV development, the Project is well positioned to work with EIT InnoEnergy and other European organisations to ensure timely development to assist in meeting the expected significant increase in this demand.

Cadence Minerals Holding in EMH

Cadence holds approximately 16% percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o. (“Geomet”), controls the mineral exploration licenses awarded by the Czech State over Cinovec.

The full release can be found at: https://www.londonstockexchange.com/news-article/tidm/headline/14630644

European Metals Managing Director Keith Coughlan said; “European Metals and its development partner, CEZ, look forward to receiving support from EIT InnoEnergy and working together closely with their industrial and financial partners to deliver production at Cinovec, and contribute to a sustainable supply chain for a world leading centre for EV development and manufacture in Europe.”

“Cinovec is the largest hard rock lithium resource in Europe and is strategically located to produce lithium in Europe for Europe.  The requirement for locally sourced raw materials for the e-mobility movement has become more apparent during COVID-19, and Cinovec is well positioned in close proximity to Europe’s manufactures. Over the coming months we look forward to commencing the DFS work programmes, and subsequent permitting and construction of Cinovec.”

Diego Pavia, CEO, EIT InnoEnergy commented, “The clear mandate of the EBA250 and EIT InnoEnergy is to secure raw materials, technological development and industrial production of modern energy technologies in Europe, for Europe to be largely self-supporting in these critical sectors. Lithium is central to this as the single most critical metal required for almost all energy storage technologies – as the lightest metal and with the highest charge density to mass ratio, it cannot be replaced.”

“We see Cinovec as critical to the development of Europe’s energy storage industry – it is the largest hard-rock lithium resource in Europe and the fourth largest globally, as such representing a strategic and accessible source of supply of a raw material critical to meeting the EU’s climate goals of electrification of mobility and large-scale development of renewable energy storage. We very much look forward to supporting the development of Cinovec and full integration of this project into the European battery value chain, with local, ethical, traceable and sustainable production of lithium.”

– 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 – European Metals #EMH – Appointment of European Investor Relations Advisor, Proposed Czech Listing & Interim Funding.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the update today from European Metals Holdings Limited (“European Metals” “EMH” or “the Company”) that that it has appointed DGWA, the German Institute for Asset and Equity Allocation and Valuation (“Deutsche Gesellschaft für Wertpapieranalyse GmbH”, “DGWA”), a mining and resource focused European investment banking boutique, as its Investor and Corporate Relations advisor in Europe.

With offices in Frankfurt, Berlin and Vienna as well as representatives in Australia and Canada, DGWA will focus on the growing interest within the German-speaking financial community in the considerable investments being committed to the country’s electric vehicle and energy storage systems industry.

DGWA will collaborate with EMH to help gain investor awareness and drive investment opportunities from the European financial markets and will provide investor relations services to help European Metals position itself in the German-speaking financial markets. DGWA will also introduce EMH to its extensive network within the European corporate and federal community to assist the Company in exploring offtake-agreements and potential grants and subsidies.

Proposed Czech Listing

Cadence is also pleased to note that EMH is in discussions with the Prague Stock Exchange regarding the proposed listing of the Company’s securities. Given the high profile that the Cinovec Project has within the Czech Republic, EMH wishes to provide the opportunity for Czechs to invest directly via their domestic exchange.

Interim Funding

Accordingly, EMH has arranged an interim funding facility to assist in financing these new initiatives and ongoing operations. The facility has been provided by an Australian based sophisticated investor, 6466 Investments Pty Ltd, and allows for a draw down of up to AUD 1 million in tranches as required over 12 months. Any funds drawn down will convert to CDI’s in the Company at a 15% discount to the 10-day vwap in the Company’s securities. The issue of shares pursuant to draw downs is not subject to shareholder approval.

Cadence Minerals Holding in EMH

Cadence holds approximately 16% percent of the equity in European Metals, which, through its wholly owned Subsidiary, Geomet s.r.o. (“Geomet”), controls the mineral exploration licenses awarded by the Czech State over Cinovec.

The full release can be found at: https://www.londonstockexchange.com/news-article/tidm/headline/14613655

European Metals Managing Director Keith Coughlan said; “We are delighted to be partnering with DGWA to attract European and especially German-speaking investors and bring the European Metals opportunity to the European capital markets. Together with our strong industrial partner CEZ, we are moving closer to the development of Europe’s largest hard-rock lithium project. We believe that the battery and EV industries in the EU are set for significant growth, as European battery production is a strategic imperative for clean energy transition and the competitiveness of its automotive sector.

There have been significant financial and political commitments made recently within the EU to the development of a European Battery Industry and an Electric Vehicle future. The need to develop local supply chains in battery metals has been recognised and we believe that DGWA will assist us in conveying our message within the region.”

– 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 – Loan Note Conversion

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that, further to the US$ 3.9 million restructured loan note which was in part used to fund Cadence’s US$2.5 million escrow for the Amapá Project and was announced on the 15 June 2019 and 1 August 2019, Cadence has received a conversion notice to convert £0.22 million into shares. As a result of this conversion the loan note has an outstanding balance of £2.1 million.

In addition, Cadence has agreed an extension to the repayment terms, such that repayments of the principle will be completed by the beginning of April 2021. Otherwise all other terms remain the same. The terms are summarised below.

Therefore, the Company has today allotted 1,835,706 new ordinary shares to the loan note holders (“Loan Note Shares”). The Loan Note Shares will rank pari passu in all respects with the existing ordinary shares.

Application will be made for the Loan Note Shares to be admitted to trading on the AIM market (“AIM”) of London Stock Exchange plc (“LSE”) and to and the AQSE Growth Market (“AQSE”) operated by Aquis Exchange Plc (“Admission”). Admission is expected to occur on or around 11 June 2020. Following Admission, the Company will have 122,042,672 Ordinary Shares in issue. There are no shares held in treasury. The total voting rights in the Company is therefore 122,042,672 and Shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.

Further information from the Company’s RNS of 15 July 2019 & 1 August 2019 which details the terms of the restructured loans note can be found below:

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”).

Cadence completed the restructure of the outstanding loan notes with the same consortium of institutional lenders. The Amortising Loan Note was restructured as a convertible loan note with an exercise price of 0.12 pence and an effective annual interest rate of 7.9%.

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

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

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