Cadence Minerals PLC Bacanora Lithium Strategic Investment Completed (7528P)
October 14 2019 - 4:40AM
UK Regulatory
TIDMKDNC
RNS Number : 7528P
Cadence Minerals PLC
14 October 2019
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Bacanora Lithium (BCN) - Completion of Strategic Investment by
Ganfeng Lithium and Board Changes.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the update published today by Bacanora Lithium (AIM:BCN)
("Bacanora") on the Strategic Investment by leading global lithium
company Ganfeng Lithium Co., Ltd. ("Ganfeng" or "GFL"). As
announced on 28 June 2019, the signed Investment Agreement and
Offtake Agreement, which together make up the Strategic Investment,
were submitted to the relevant authorities in China for approval.
Completion of the last of the relevant approvals has now been
obtained and Bacanora has now received the GBP21,963,740 of funds
from Ganfeng in exchange for a 29.99% equity interest in Bacanora
Lithium PLC and a 22.5% JV investment directly in the Sonora
Lithium Project ('Sonora'). It is expected that the 57,600,364
shares in Bacanora will be admitted to trading on or around 18
October 2019.
Cadence Minerals - Holdings in BCN, Mexalit and Megalit:
Bacanora is a lithium exploration and development company.
Cadence holds 30% of Mexalit and Megalit joint venture companies
and approximately 0.5% of Bacanora's equity. Mexalit is the owner
of the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 mineral
concessions, which forms part of the 20-year mine plan of the
Sonora Lithium Project in Northern Mexico.
Update on Ganfeng and current activities at Sonora.
Ganfeng has recently announced its intention to proactively
advance the development of Bacanora's Sonora lithium clay project
during the second half of 2019 with a number of initiatives. These
will support Ganfeng's target of 200,000 tonnes per annum lithium
carbonate equivalent production capacity by 2025, although final
capacity expansion will be based on changes in, and assessment of,
future market demand for lithium products.
The Bacanora project team in Mexico continues to progress the
final design work for the mine, concentrator and kiln sections of
the processing plant. The Ganfeng technical team has initiated work
on the hydrometallurgical circuit and is reviewing sourcing key
sections of the lithium production equipment from current equipment
suppliers in China.
Changes to Board of Directors.
Mr. Wang Xiaoshen, the Vice President of Ganfeng and the
vice-chairman of its board of directors, is today appointed a
director of Bacanora Lithium plc.
The full release can be found at:
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BCN/14264020.html
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) 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
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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