Cadence Minerals PLC Update - Auroch Minerals (2458F)
July 11 2019 - 6:00AM
UK Regulatory
TIDMKDNC
RNS Number : 2458F
Cadence Minerals PLC
11 July 2019
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Auroch Minerals (ASX: AOU) - Acquisition of High-Grade Western
Australian Nickel Projects.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the announcement today from Auroch Minerals Limited (ASX: AOU)
("Auroch") that further to its market announcement on 28th May 2019
it has entered into a formal Share Sale Agreement with Minotaur
Exploration Ltd (ASX:MEP, "Minotaur") to acquire 100% of the
tenements known as the Saints Nickel Project (Saints) and the
Leinster Nickel Project ("Leinster").
Key Commercials:
-- Auroch will acquire 100% of Saints and 100% of Leinster via
the acquisition of certain wholly owned subsidiaries of Minotaur
who hold the projects.
-- Completion of the acquisitions is conditional on the
satisfaction or waiver of various conditions precedent including
the parties obtaining all necessary shareholder approvals and
obtaining any regulatory or other third-party approvals. Legal due
diligence has now been completed by the parties.
-- Auroch and Minotaur mutually agreed to change the number of
consideration shares to be issued on completion. The total
consideration for the acquisition is 18,333,333 Auroch shares
(which will result in Minotaur having a 15.2% undiluted ownership
in Auroch).
-- The above consideration shares are subject to a voluntary escrow period of 12 months.
-- At completion, Minotaur may appoint one director to Auroch's
board. This right will lapse if Minotaur's shareholding in Auroch
is less than 4.9%.
-- Contemporaneous with the acquisition, Auroch has agreed to
issue 1,833,333 ordinary shares to the party that introduced the
acquisition.
-- A notice of meeting containing further details in relation to
the acquisitions will be dispatched to shareholders shortly.
Cadence currently owns approximately 6.5% of the equity in
Auroch Minerals, which is an exploration company targeting
principally zinc, cobalt and lithium.
The full release can be found at:
https://www.investi.com.au/api/announcements/aou/474bda8b-5a8.pdf
Cadence Minerals CEO Kiran Morzaria commented: "The acquisition
of Saints and Leinster Nickel projects represents an excellent
addition to Auroch's existing portfolio of projects. We look
forward to subsequent developments."
- 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
identi ed 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 re ect
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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