Cadence Minerals PLC Bacanora Minerals Update (8724D)
May 02 2017 - 4:27AM
UK Regulatory
TIDMKDNC
RNS Number : 8724D
Cadence Minerals PLC
02 May 2017
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Bacanora Minerals Completes Hanwa Equity Placing
Cadence (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that
Bacanora Minerals Plc ("Bacanora") has announced the issue of
12,333,261 new common shares of no par value ('New Common Shares')
to Hanwa Co., LTD ('Hanwa'), a leading Japan-based global trading
company and one of the larger traders of battery chemicals in the
Asian region. The New Common Shares represent 10.0% of the enlarged
issued share capital of Bacanora and are being issued at a price of
82.5 pence per share to raise approximately GBP10,175,000 for
Bacanora pursuant to the its offtake agreement with Hanwa for
battery grade lithium carbonate at its Sonora lithium project in
Mexico (for details regarding the offtake agreement, please refer
to the Bacanora's news release dated 10 April 2017).
The full Bacanora release is available at:
http://www.investegate.co.uk/bacanora-minerals-ld--bcn-/rns/completion-of-hanwa-equity-placing/201705020700167897D/
.
Cadence holds an interest in the Project in Mexico through its
17.18% holding in Bacanora and the joint venture interests of 30%
in each of Megalit S.A. de CV and Mexalit S.A. de CV as fully
described below.
The Sonora Lithium Project and Details of Cadence's
ownership:
Cadence owns a direct interest of 17.18% of Bacanora. The Sonora
Lithium Project is comprised of the following lithium
properties:
- La Ventana, La Ventana 1, and Megalit concessions, which are
100 percent owned by Minera Sonora Borax S.A. de C.V.("MSB"), a
wholly-owned subsidiary of Bacanora; Cadence, through its direct
interest of 17.18% of Bacanora, has an indirect interest in these
concessions of 17.18%.
- El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 concessions,
which are held by Mexilit S.A. de C.V. ("Mexilit"). Cadence has a
43% direct interest in Mexalit through its Joint Venture with
Bacanora, and when combined with Cadence's direct interest of
17.18% in Bacanora, has a total economic interest in Mexalit of
43%.
- The Buenavista, and San Gabriel concessions, which are held by
Megalit S.A de C.V ("Megalit"). Cadence has a 30% direct interest
in Megalit through its Joint Venture with Bacanora, and when
combined with Cadence's direct interest of 17.18% in Bacanora, has
a total economic interest in Megalit of 43%.
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).
For further information please
contact
Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD
& Broker) +44 (0) 207 220 1666
James Joyce
James Bavister
Square1 Consulting +44 (0) 207 929 5599
David Bick
Brian Alexander
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world.
The planet needs rechargeable batteries on a global scale -
upcoming supersized passenger vehicles, lorries and buses - require
lithium and other technology minerals to power their cells. Cadence
is helping find these minerals in new places and extracting them in
new ways, which will meet the demand of this burgeoning market.
With over GBP35 million vested in key assets globally, Cadence is
helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining
projects. Its primary strategy is taking significant economic
stakes in upstream exploration and development assets within
strategic metals. We identify assets that have strategic cost
advantages that are not replicable, with the aim of achieving lower
quartile production costs. The combination of this approach and
seeking value opportunities allows us to identify projects capable
of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing,
fund management and deal structuring knowledge and experience, that
is supported by access to key marketing, political and industry
contacts. These resources are leveraged not only in our investment
decisions but also in continuing support of our investments,
whether it be increasing market awareness of an asset, or advising
on product mix or path to production. Cadence Mineral's goal is to
assist management to rapidly develop the project up the value curve
and deliver excellent returns on its investments.
This information is provided by RNS
The company news service from the London Stock Exchange
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