Cadence Minerals PLC Notice of Substantial Shareholder in Evergreen (1147W)
April 13 2023 - 3:56AM
UK Regulatory
TIDMKDNC
RNS Number : 1147W
Cadence Minerals PLC
13 April 2023
Cadence Minerals Plc
("Cadence Minerals", "Cadence", or "the Company")
Notice of Initial Substantial Shareholder in Evergreen Lithium
Limited
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) has filed its
Notice of Initial Substantial Shareholder in Evergreen Lithium
Limited ("Evergreen"), a copy of which can be found here . Cadence
holds 15,830,138 million shares, equivalent to 8.74% of the issued
share capital of Evergreen and is its largest shareholder.
Evergreen was listed on the Australian Stock Exchange on 11 April
2023.
Highlights:
Ø Cadence holds 8.74% of Evergreen Lithium and is its largest
shareholder.
Ø Evergreen intends to advance three hard rock lithium
exploration projects in Australia.
Ø Evergreen has listed with approximately AS$ 10 million cash in
hand.
Ø The flagship Byone Lithium Project covers the north-eastern
strike extent of the lithium-and tantalum endowed Bynoe Pegmatite
field;
o The project is adjacent to Core Lithium's producing lithium mine.
o Soil sampling on the project returned geochemical anomalies indicating lithium mineralisation.
o Based on soil sampling alone, an initial five target zones
containing lithium mineralisation have been identified.
Ø The second prospect, Kenny Lithium, is located within the
Dundas Mineral Field of Western Australia, close to Mt Dean and Mt
Belches-Bald Hill pegmatite fields.'
o Initial field mapping on the project has confirmed the
presence of substantial outcropping pegmatites
o 10km zone of pegmatite outcropping has been confirmed in the
North-Eastern section of the Kenny Lithium Project
o Evergreen has recently completed a comprehensive auger
program, drilling 1,731 holes. Evergreen expects the results to be
available shortly after admission.
Background to Cadence's investment in Evergreen Lithium
Cadence Minerals received approximately 15.8 million shares in
Evergreen in July 2022 when Cadence sold its 31.5% stake in Lithium
Technologies and Lithium Supplies ("LT and LS") to Evergreen as
announced on 27 June 2022. A further AS$ 3.47 million (GBP1.86
million) of shares in Evergreen are due to Cadence on the
achievement of certain performance milestones by Evergreen. The
pricing of Evergreen shares associated with this consideration is
based on a defined pricing mechanism linked to the VWAP and the
date at which the performance milestones are achieved. Further
details of these milestones can be found in the Evergreen
prospectus available here . Cadence's shares are subject to a
2-year escrow agreement as determined by the listing rules of the
ASX.
For further information
contact:
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
- Ends -
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 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.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCGRGDSUUBDGXX
(END) Dow Jones Newswires
April 13, 2023 03:56 ET (07:56 GMT)
Cadence Minerals (LSE:KDNC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cadence Minerals (LSE:KDNC)
Historical Stock Chart
From Jul 2023 to Jul 2024