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Cadence Minerals #KDNC – Result of AGM
Cadence announces that at the Annual General Meeting of the Company held today, all resolutions put to shareholders were duly passed.
Result of the votes for each of the resolutions will be available on the Company’s website:https://www.cadenceminerals.com/investors/general-meetings/
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For further information:
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 |
|
Darshan Patel |
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 – Director Share Purchases
Cadence (AIM/NEX: KDNC), the mining investment company, announces that on the 11 July 2022 the following director purchased ordinary shares in the Company.
Director |
Position |
Number of ordinary shares acquired |
Price paid per share (£) |
Kiran Morzaria |
Director & CEO |
100,558 |
0.099 |
After this acquisition the total notifiable share interest in the Company for the directors is as follows
Director |
Position |
Total holding of ordinary shares |
Kiran Morzaria |
Director & CEO |
1,426,980 |
Donald Strang |
Finance Director |
957,545 |
Andrew Suckling |
Non-Executive Chairman |
381,602 |
Adrian Fairbourn |
Non-Executive Director |
731,005 |
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Cadence Minerals plc |
+44 (0) 20 3582 6636 |
Andrew Suckling |
|
Kiran Morzaria |
|
WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
James Joyce |
|
Darshan Patel |
|
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1 |
Details of the person discharging managerial responsibilities/person closely associated |
|||||||
a) |
Name |
Kiran Morzaria |
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2 |
Reason for the notification |
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a) |
Position/status |
Director & CEO |
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b) |
Initial notification/ Amendment |
Initial notification |
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3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||||
a) |
Name |
Cadence Minerals PLC |
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b) |
LEI |
213800TUZWG9C2GRNO58 |
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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 Share
GB00B067JC96 |
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b) |
Nature of the transaction |
Share Purchase, Share Incentive Scheme |
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c) |
Price(s) and volume(s) |
|
||||||
d) |
Aggregated information – Aggregated volume – Price |
100,558 £0.099
|
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e) |
Date of the transaction |
11/07/2022 |
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f) |
Place of the transaction |
XLON, AIM |
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This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (“MAR”). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Cadence Minerals PLC #KDNC – Notice of AGM
Cadence Minerals (AIM/AQX: KDNC; OTC: KDNCY) is pleased to confirm that it has posted the notice of the 2022 AGM and forms of proxy to registered shareholders. The AGM will be held at 11 am 10 August 2022 at the offices of Hill Dickinson LLP, The Broadgate Tower, 8th Floor, 20 Primrose Street, London, EC2A 2EW.
Shareholders are therefore strongly encouraged to exercise their AGM voting rights by submitting the proxy form attached with the AGM notice. The deadline for submission of proxies to the Registrar is 11 a.m. on 8 August 2022 or 48 hours before any adjourned meeting. You are strongly advised to appoint the chairman of the meeting as your proxy to ensure your vote is counted.
The Circular and notice of AGM is available at: https://www.cadenceminerals.com/investors/aim-rule-26/
The result of the AGM will be announced shortly after its conclusion and published on the Company’s website.
Cadence Minerals #KDNC Completes sale of 31.5% Equity Stake in Lithium Technologies and Lithium Supplies. Plus Amapa Project Update
Cadence is pleased to announce that further to its announcement of 30 March 2022, the Company has completed the sale of its 31.5% stake in in Lithium Technologies and Lithium Supplies (“LT and LS”) to Evergreen PTY Ltd (“Evergreen”). Evergreen is a unlisted Australian company which is intending to list on the Australian stock exchange.
Highlights:
- Cadence and all LT and LS shareholders have completed the sale of 100% of LT and LS for up to A$21.05 million (£12.08 million)
- Cadence owns 31.5% of LT and LS and has received AS$3.16 million (£1.81 million) in Evergreen shares.
- Subject to Evergreen achieving performance benchmarks Cadence would receive a total consideration of A$6.63 million (£3.80 million)
- Evergreen will spend a minimum of A$4 million over the next three years on the exploration of the prospective Litchfield lithium prospect (“Litchfield”) in Northern Australia.
Cadence CEO Kiran Morzaria commented: “On behalf of the Cadence board and other LT and LS shareholders, we are pleased to report the completion of the sale of our investment in LT and LS”
“Recent exploration and sampling work at the Litchfield project, along with the project’s proximity to Core Lithium’s assets have led us to believe that Litchfield has considerable potential to host lithium mineralisation.”
“For Cadence, this transaction provides an excellent opportunity to retain exposure to the booming hard rock lithium market in Australia. The consideration is being paid entirely in shares, and given that Evergreen intends to list on the Australian Stock Exchange, we will potentially have exposure to any future upside. Hard rock lithium assets have seen excellent returns of late, plus we also have a commitment that Evergreen will spend at least A$ 4 million to explore the primary assets.”
Background to Transaction
The consideration for LT and LS is up to A$ 21.05 million (£11.82 million). Cadence has 31.5% of LT and LS and will receive up to A$ 6.63 (£3.80 million).
Evergreen is unlisted public company in Australia which has been spedifically incorporaed for the acquistion of lithium assets. The acqusition of LT and LS is its first acquistion. It raised AS$ 6 million to pursue this strategy. Evergreen now plans to list on the Australian Stock Exchange.
During the completion process and in consultation with the applicable regulatory bodies, Evergreen was restricted from offering cash consideration, therefore the consideration will be entirely settled in Evergreen shares.
As such the consideration that has been paid is AS$3.16 million (£1.81 million) in Evergreen shares, or 15,830,136 shares at A$0.20 per share which represents 13.16% of Evergreen.
Once the performance milestones are achieved (which can be found here), the consideration would also be paid in Evergreen shares, of which Cadence would receive an additional AS$3.47 million (£1.99 million). The pricing of Evergreen sahres associated with this consideration is based on a defined pricing mechanism linked to the VWAP and date at which the preformance milestones are achieved.
If the preformance targets are met the total consideration for Cadence’s equity stake in LT and LS would be AS$6.63 million (£3.80 million).
LT and LS, through their subsidiaries, are the holders of two exploration licenses in the Northern Territory, one granted and one in the application phase. LT and LS further hold seven exploration license applications in Argentina.
All of the licenses and applications target potential hard rock lithium deposits. The most significant of these is the Litchfield lithium prospect, which is contiguous to Core Lithium’s (ASX: CXO) strategic Finniss Lithium Project (JORC compliant ore reserves: 7.4Mt @ 1.3% Li2O).
The Buyer has committed to spending at least A$4 million on the exploration of Litchfield during the three years post the completion of the sale. Should the milestones not be achieved during this period, the respective consideration will not be payable.
The net loss of LT and LS were A$1,560 and A$1,306, respectively, for the year ended 30 June 2021. As such, the net loss attributable to the Company (being 31.5% of LT and LS) was A$903 (£516). As of 31 December 2021, the total carrying values of LT and LS in the Company’s balance sheet was approximately £803,000. Therefore based on the current share price of Evergreen, the initial profits on the sale of our equity in LT &LS is £1.01 million, with the potential for this to increase to £2.99 million should the performance milestones be achieved.
In relation to the equity in Evergreen received for the consideration, the Company will be bound by an escrow agreement with the Buyer as per the regulatory authorities in Australia, which could be upto 2 years . It will be in the form and substance consistent with the ASX Listing Rules. After the lapse of the escrow arrangement, Cadence will retain or dispose of these shares as per our investment strategy, which is available here.
Amapa Project Update
Operations at the Amapa Iron Project continue to focus on delivering the Pre Feasibility Study (“PFS”). Over the last month, all the significant contractors were at Amapa to review and analyse their respective engineering areas. Wardell Armstrong International were also on-site as part of their role in the publication of the PFS. We expect to publish a Maiden Ore Reserve on the Amapa Iron Ore mine followed by the PFS.
Elsewhere the Amapa Project has been focussing on the relevant environmental permitting, compliance with Brazilian legislation in relation to Tailing Storage Facilities and implementing the policies, structures and controls required for a developing company. All of these should stand us in good stead when we move past the PFS stage.
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Cadence Minerals plc | +44 (0) 7879 584153 |
Andrew Suckling | |
Kiran Morzaria | |
WH Ireland Limited (NOMAD & Broker) | +44 (0) 207 220 1666 |
James Joyce | |
Darshan Patel |
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 Minerals Plc’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 Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements.
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (“MAR”). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Cadence Minerals #KDNC – Fourth Amapa Iron Ore Shipment Completed and En Route
Further to the announcement made on the 7 April 2022, Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that DEV Mineração S.A’s (“DEV”) has completed the sale and shipment of Iron Ore from the Amapa Iron Ore Project (“Amapa Project”).
Highlights:
- DEV has shipped and sold the fourth batch of iron ore from the stockpiles.
- The loading of the 48,492 wet tonnes of iron ore sinter fines (approx. 58% Fe) at Companhia Docas de Santana (“CDSA”) was completed on the 23 April
- Iron Ore 62% Fe, CFR China at US$150 per tonne (22/04/2022)
- Approximately 1.2 Mt of iron ore is currently stockpiled in DEV’s wholly-owned port
DEV has shipped and sold the fourth batch of the iron ore from the stockpiles at Santana, Amapa, Brazil. The loading of the 48,492 iron ore sinter fines (approx. 58% Fe) at CDSA was completed on 23 April, and the ship departed yesterday, 24 April. This shipment represents the first iron ore export since Cadence vested its equity interest (27%) in the Amapa Project earlier this year.
The first three shipments occurred in the first half of last year and were approved via a court petition (“Approved Court Petition”). Details of the Approved Court Petition can be found here. The Approved Court Petition limited the sales of the iron ore stockpiles to US$10 million of net profits (“Approved Court Disposal Funds”).
The Approved Court Disposal Funds were applied per the Approved Court Petition, with DEV retaining a portion of the net profits. These net profits and the earnings from the current shipment will be paid to the Secured Banks Creditors as per the settlement agreement announced on 29/12/2021.
Details of Ownership and Joint Venture Agreement
Cadence owns 27% of the Amapa Project, with our joint venture partner, Indo Sino Pty Ltd (“Indo Sino”), owning the remaining 73%. The ownership of Amapa is via a joint venture company, Pedra Branca Alliance Pte. Ltd. (“JV Co”), which owns 100% of the equity of DEV Mineração S.A. (“DEV”). Should Indo Sino seek further investors or an investment in the JV Co, Cadence has a first right of refusal to increase its stake to 49%.
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For further information:
|
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.
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014
Cadence Minerals #KDNC – Exercise of Warrants raises £65k
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) announce that it has received warrant exercise notices to subscribe for 435,905 new ordinary shares in the Company at an exercise price of £ 0.15 per share (the “Warrant Shares”). The Company has received subscription monies of £65,386 regarding the exercise of these warrants.
Application will be made for the Warrant Shares to be admitted to trading on AIM of London Stock Exchange plc and the AQSE Growth Market operated by Aquis Exchange Plc for the New Ordinary Shares (“Admission”).
Admission is expected to occur on or around 25 April 2022. Upon Admission, the Company will have 172,719,813 Ordinary Shares in issue. There are no shares held in treasury. The total voting rights in the Company is therefore 172,719,813 Ordinary Shares, 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.
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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulaon (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon the publication of this announcement via Regulatory Information Service this inside information is now considered to be in the public domain.
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 |
|
Darshan Patel |
|
Novum Securities Limited (Joint Broker) |
+44 (0) 207 399 9400 |
Jon Belliss |
|
Cadence Minerals #KDNC- Commencement of Shipment of Iron Ore from the Amapa Iron Ore Project, Brazil
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that DEV Mineração S.A (“DEV”) has restarted the sale and shipment of its iron ore stockpiles from Santana, Amapa, Brazil.
This shipment represents the first export of iron ore since Cadence vested its equity interest (27%) in the Amapa Iron Ore Project (“Amapa Project”) earlier this year. The shipments completed last year were approved via a court petition and were before our equity interest in the Amapa Project.
We expect that this shipment will complete this month, and under the current economic environment, DEV intends to continue with the shipment and sale of its 58% iron ore stockpile. There is currently circa 1.25 million tonnes of DEV stockpile at its port in Santana.
In addition to this shipment DEV has continued to provide ship loading and transport services for the third party owned stockpiles at DEV’s port.
About the Amapa Project
Amapa commenced operations in December 2007 with the first production of iron ore concentrate product of 712 kt in 2008. In 2008 Anglo American (70%) and Cliffs (30%) acquired the Amapa Project in 2008 as part of a larger package of mining assets in Brazil.
Production steadily increased to 4.8 Mt and 6.1 Mt of iron ore concentrate product in 2011 and 2012. During this period, Anglo American reported operating profits from its 70% ownership in the Amapa Project of US$ 120 million (100% US$ 171 million) and US$ 54 million (100% US$ 77 million). Before its sale in 2012, Anglo American valued its 70% stake in the Amapa Project at US$ 866 million (100% US$ 1.2 billion). It impaired the asset in its 2012 Annual Accounts to US$ 462 million (100% US$ 660 million).
Cadence updated the Mineral Resource Estimate on November 2nd 2020, increasing the MRE by 21%. The current MRE contains a Mineral Resource of 176.7 million tonnes grading 39.7% Fe in the Indicated category and Mineral Resource of 8.7Mt at 36.9% in the Inferred category, both reported within an optimised pit shell and using a cut-off grade of 25% Fe.
Details of Ownership and Joint Venture Agreement
Cadence owns 27% of the Amapa Project, with our joint venture partner, Indo Sino Pty Ltd (“Indo Sino”), owning the remaining 73%. The ownership of Amapa is via a joint venture company, Pedra Branca Alliance Pte. Ltd. (“JV Co”), which owns 100% of the equity of DEV Mineração S.A. (“DEV”). Should Indo Sino seek further investors or an investment in the JV Co, Cadence has a first right of refusal to increase its stake to 49%.
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For further information:
|
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 Minerals Plc’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 Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements.
Cadence Minerals #KDNC enters into a Conditional Sale Agreement of its 31.5% Equity Stake in Lithium Technologies and Lithium Supplies
Cadence is pleased to announce that along with all the Lithium Technologies and Lithium Supplies (“LT and LS”) shareholders; we have reached an agreement to sell 100% of the equity of LT and LS.
Highlights:
- Cadence and all LT and LS shareholders have entered into a conditional agreement to sell 100% of LT and LS for up to A$21.05 million (£11.82 million)
- Cadence owns 31.5% of LT and LS and would receive up to A$6.63 million (£3.72 million)
- The consideration payable to LT and LS shareholders will be via a mixture of cash and shares
- The Buyer will spend a minimum of A$4 million over three years from the completion of the sale on the exploration of the Litchfield lithium prospect (“Litchfield”) in Northern Australia.
Cadence CEO Kiran Morzaria commented: “On behalf of the Cadence board and the other LT and LS shareholders, we are pleased to report that we have reached a conditional agreement with a public, unlisted Australian company to sell LT and LS.”
“Recent exploration and sampling work at the Litchfield project and the project’s proximity to Core Lithium’s assets have led us to believe that Litchfield has considerable potential to host lithium mineralisation. In addtion to this the other lithium assets held by LT and LS provides the Buyer with several attractive targets to explore and develop.”
“For Cadence, this transaction is, we believe, an excellent balance of risk and reward. Firstly it provides an initial consideration that more than covers our book investment. Secondly, by partly paying the consideration in shares in the buyer and cash payment on milestones we are exposed the the exploration upside. Lastly, given the commitment of at least A$ 4 million to explore the primary assets, this mitigates dilution to Cadence shareholders.”
“Moreover, this transaction will also allow our management team to focus on delivering additional value through our ongoing involvement in developing our flagship Amapa Iron Ore project.“
The consideration for LT and LS is up to A$ 21.05 million (£11.82 million). Cadence has 31.5% of LT and LS and would receive up to A$ 6.63 (£3.72 million). The Buyer is a public, unlisted company in Australia (“Buyer”).
LT and LS, through their subsidiaries, are the holders of two prospective exploration licenses and one exploration application in Australia and a further seven exploration license applications in Argentina.
All of the licenses and applications target prospective hard rock lithium deposits. The most significant of these is the Litchfield lithium prospect, which is contiguous to Core Lithium’s (ASX: CXO) strategic Finniss Lithium Project (JORC compliant ore reserves: 7.4Mt @ 1.3% Li2O)2.
The acquisition of LT and LS has several conditions precedent, including the completion of due diligence and the relevant regulatory approval. Assuming this is successful, the Buyer will acquire 100% of LT and LS through a mixture of cash and shares partially paid on completion of the sale of LT and LS and the remainder paid on the achievement of key performance milestones.
The net loss of LT and LS were A$1,560 and A$1,306, respectively, for the year ended 30 June 2021. As such, the net loss attributable to the Company (being 31.5% of LT and LS) was A$903 (£516). As of 31 December 2020, the carrying values of LT and LS in the Company’s balance sheet was approximately £337,000 and £237,000, respectively.
Timing | Cash / Shares | Shares | Share Price (A$) | Value (A$) | Approximate value to KDNC (A$) |
Completion of Sale | Cash | N/A | N/A | 1,050,000 | 330,750 |
Completion of Sale | Shares | 45,000,000 | 0.20 | 9,000,000 | 2,835,000 |
Milestone One Payment | Cash | N/A | N/A | 2,500,000 | 787,500 |
Milestone Two Payment | Cash | N/A | N/A | 2,500,000 | 787,500 |
Milestone Three Payment | Cash | N/A | N/A | 3,000,000 | 945,000 |
Milestone Four Payment | Cash | N/A | N/A | 3,000,000 | 945,000 |
Total | 21,050,000 | 6,630,750 |
The first three milestone payments are payable once a JORC resource is of not less than 12 million tonnes of lithium oxide is proved at Litchfield. The fourth milestone payment is payable on completing a definitive feasibility study on Litchfield. The Buyer can also pay the milestones payments in equity, using a defined pricing mechanism.
The Buyer has committed to spending at least A$4 million on the exploration of Litchfield during the three years post the completion of the sale. Should the milestones not be achieved during this period, the respective consideration will not be payable.
The proceeds received by the Company will be used for reinvestment as per our investment strategy, which is available here. In relation to the shares received as part of the consideration, the Company will be bound by an escrow agreement with the Buyer as per the regulatory authorities in Australia and will be in the form and substance consistent with the ASX Listing Rules. After the lapse of the escrow arrangement, Cadence will retain or dispose of these shares as per our investment strategy, which is available here.
– Ends –
For further information:
|
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 Minerals Plc’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 Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements.