Cadence Minerals PLC Hastings Tech Metals Yangibana Funding Update (8278U)
November 27 2019 - 3:52AM
UK Regulatory
TIDMKDNC
RNS Number : 8278U
Cadence Minerals PLC
27 November 2019
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Hastings Technology Metals (ASX: HAS) Progress Update on Debt
Funding for the
Yangibana Project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to
announce Hastings Technology Metals (ASX:HAS) ("Hastings"),
Cadence's joint venture partner at the Yangibana Rare Earth Project
in the Gascoyne region of Western Australia ("Yangibana" "Yangibana
Project"), has provided a progress update on Project Debt
Funding.
Cadence Minerals Yangibana Holding:
Cadence owns 30% of the Yangibana, Yangibana North, Gossan,
Hook, Kanes Gossan and Lions Ear Rare Earth Deposit, which form
part of the Yangibana Rare Earth Deposit. The updated Cadence ore
statement can be found on the Yangibana Mineral Resource & Ore
Reserve statement from 4(th) November 2019:
https://www.investegate.co.uk/cadence-minerals-plc--kdnc-/rns/yangibana-mineral-resource---ore-reserves/201911041303331852S/.
Highlights:
-- KfW and Euler Hermes confirm continuing support for Yangibana project financing.
-- Negotiations on long-form term sheet initiated.
-- Completion of due diligence and application for credit approval targeted for Q1 2020.
In July 2018 announced In July 2018, KFW IPEX-Bank ("KfW") was
mandated by Hastings as the Lead Arranger to provide project
finance loan advisory services and assistance to Hastings in
relation to securing approval from Euler Hermes Aktiengesellschaft
("Euler Hermes") for the German government sponsored UFK scheme
(untied loan guarantee).
On 30 April 2019, Hastings received in principal eligibility for
the UFK scheme for an indicative amount of up to USD140 million
based on a planned off take from Schaeffler AG for 5,000 tonnes per
annum of mixed rare earth carbonate from the Project's processing
plant. (ASX release dated 11 June 2019.)
In June 2019, Euler Hermes and the German government's Inter
Ministerial Committee (IMC) provided Hastings with a confirmation
of their cursory favourable assessment of the Yangibana project and
to proceed with the lenders due diligence process and collating
documentation for credit submission to the IMC for binding credit
approval pending completion of due diligence and successful loan
negotiations.
An all parties site visit was successfully conducted in
mid-September followed by further meetings in Singapore in October
with senior representatives of KfW and Euler Hermes and their legal
counsels and technical advisors from Behre Dolbear Australia (BDA)
as well as PricewaterhouseCoopers, Germany (PwC) acting in their
role as mandated Independent Expert Advisor to Euler Hermes.
KfW and Euler Hermes are now at the final stage of their
independent in-depth due diligence study, which included a review
of the legal, technical, environmental, social and market aspects
of the Project. Whilst progressing the due diligence process,
negotiations on a long-form term sheet have been initiated.
KfW and Euler Hermes have reaffirmed their continuing support
for the Project. Once the due diligence process is satisfactorily
completed, KfW and Euler Hermes will apply for credit approval to
their respective credit committees and boards. This is targeted for
1Q 2020.
The full release can be found at:
https://www.asx.com.au/asxpdf/20191127/pdf/44bzsnrctdc4tp.pdf
- 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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