Cadence Minerals
Plc
("Cadence Minerals",
"Cadence", or "the Company")
Fundraise to raise £750,000
for further Amapa Project activities
Cadence Minerals (AIM: KDNC)
announces that it has successfully raised, subject to Admission,
£625,000 before expenses (the "Placing") by the way of a placing
arranged by Fortified Securities of 25,000,000 new ordinary shares
(the "New Ordinary Shares") in the capital of the Company at a
price of 2.5 pence per Ordinary Share (the "Issue
Price").
In addition to the above
subscription, Andrew Suckling, Kiran Morzaria, and Donald Strang
(together, the "Subscriber Directors") have also agreed to
subscribe for an aggregate of 5,000,000 New Ordinary Shares at the
Issue Price, raising gross proceeds of £125,000
("Subscription").
The Issue Price represents a
discount of approximately 18 per cent to the closing price of 3.05
pence per ordinary share on 11 July 2024, being the latest
practicable business day prior to the publication of this
Announcement.
Use
of Funds
The net proceeds of the fundraise
will be used to fund Cadence's investment in the Amapá Iron Ore
Project in Brazil ("Amapá", "Project" or "Amapá Project"),
specifically:
· The
continued testing of the 67% Fe "Green Iron" product flow sheet, to
a PFS level or accuracy.
· Prepare and publish a revised PFS economic model should the
67% flow sheet be successful that reflects the increase pricing
anticipated from the product and any change in capital or operating
expenditure in the revised flowsheet.
· General working capital at the Amapá
Project and ongoing funding for the licensing for the tailing
storage facility.
Related Party Transactions
As the Directors of the Company,
being the Subscribing Directors, are considered to be "related
parties" as defined under the AIM Rules, their participation in the
Subscription constitutes a related party transaction for the
purposes of Rule 13 of the AIM Rules.
|
Director
|
Subscription Amount
|
No. of New
Ordinary Shares subscribed for
|
Resulting
shareholding in the Company
|
%
shareholding in the Company's issued share capital as enlarged by
the Placing
|
|
Andrew Suckling
(Non-Executive Chair)
|
£40,000
|
1,600,000
|
1,981,602
|
0.87%
|
|
Kiran Morzaria
(Chief Executive Officer)
|
£45,000
|
1,800,000
|
3,373,240
|
1.48%
|
|
Donald Strang
(Finance Director)
|
£40,000
|
1,600,000
|
2,557,545
|
1.12%
|
|
Adrian Fairbourn
(Non-Executive Director)
|
Nil
|
Nil
|
731,005
|
0.32%
|
|
Total
|
£125,000
|
5,000,000
|
8,643,392
|
3.79%
|
Adrian Fairbourn, being a Director
of the Company independent of the fundraise, having consulted with
Cadence Mineral's Nominated Adviser, WH Ireland Limited, consider
the terms of the fundraise to be fair and reasonable insofar as the
Company's shareholders are concerned.
Application will be made for the
admission to trading on the AIM market ("AIM") of London Stock
Exchange plc ("LSE") for the New Ordinary Shares ("Admission").
Admission is expected to occur at 8.00 a.m. on or around 19 July
2024. The New Ordinary Shares will represent approximately 13.2 per
cent. of the Company's issued share capital immediately following
Admission.
Following Admission, the Company's
issued and fully paid share capital will consist of 227,637,704
Ordinary Shares, all of which carry one voting right per share. The
Company does not hold any Ordinary Shares in treasury. The figure
of 227,637,704 Ordinary Shares may be used by shareholders as the
denominator for the calculation by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the share capital of the Company under the Disclosure
Guidance and Transparency Rules of the Financial Conduct
Authority.
The New Ordinary Shares will be
issued fully paid and will rank pari passu in all respects with the
Company's existing Ordinary Shares.
|
For further information
contact:
|
|
|
Cadence Minerals plc
|
+44
(0) 20 3582 6636
|
|
Andrew Suckling
|
|
|
Kiran Morzaria
|
|
|
|
|
|
WH
Ireland Limited (NOMAD & Broker)
|
+44
(0) 20 7220 1666
|
|
James Joyce
|
|
|
Darshan Patel
Isaac Hooper
|
|
|
|
|
|
Fortified Securities - Joint Broker
|
+44
(0) 20 3411 7773
|
|
Guy Wheatley
|
|
|
|
|
|
Brand Communications
|
+44
(0) 7976 431608
|
|
Public & Investor
Relations
|
|
|
Alan Green
|
|
In accordance with Article 19 of the
UK Market Abuse Regulation, detailed information is set out
below.
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name:
|
Andrew Suckling
|
|
2
|
Reason for the notification
|
|
a)
|
Position/Status:
|
Non-Executive Chair
|
|
b)
|
Initial
Notification/Amendment:
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market
participation, auction platform, auctioneer or auction
monitor
|
|
a)
|
Name:
|
Cadence Minerals plc
|
|
b)
|
LEI:
|
|
|
4.
|
Details of transaction(s); section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted.
|
|
a)
|
Description of the financial
instrument:
Identification code:
|
Ordinary shares of £0.01
ISIN: GB00BJP0B151
|
|
b)
|
Nature of the
transaction:
|
Purchase of Shares
|
|
c)
|
Price(s) and volume(s):
|
Price(s)
|
Volume(s)
|
|
2.5p
|
1,600,000
|
|
d)
|
Aggregated volume:
Price:
|
1,600,000
£40,000
|
|
e)
|
Date of the Transaction:
|
11 July 2024
|
|
f)
|
Place of the Transaction:
|
London Stock Exchange
|
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name:
|
Kiran Morzaria
|
|
2
|
Reason for the notification
|
|
a)
|
Position/Status:
|
Chief Executive Officer
|
|
b)
|
Initial
Notification/Amendment:
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market
participation, auction platform, auctioneer or auction
monitor
|
|
a)
|
Name:
|
Cadence Minerals plc
|
|
b)
|
LEI:
|
|
|
4.
|
Details of transaction(s); section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted.
|
|
a)
|
Description of the financial
instrument:
Identification code:
|
Ordinary shares of £0.01
ISIN: GB00BJP0B151
|
|
b)
|
Nature of the
transaction:
|
Purchase of Shares
|
|
c)
|
Price(s) and volume(s):
|
Price(s)
|
Volume(s)
|
|
2.5p
|
1,800,000
|
|
d)
|
Aggregated volume:
Price:
|
1,800,000
£45,000
|
|
e)
|
Date of the Transaction:
|
11 July 2024
|
|
f)
|
Place of the Transaction:
|
London Stock Exchange
|
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
a)
|
Name:
|
Donald Strang
|
|
2
|
Reason for the notification
|
|
a)
|
Position/Status:
|
Finance Director
|
|
b)
|
Initial
Notification/Amendment:
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market
participation, auction platform, auctioneer or auction
monitor
|
|
a)
|
Name:
|
Cadence Minerals plc
|
|
b)
|
LEI:
|
|
|
4.
|
Details of transaction(s); section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transactions have been
conducted.
|
|
a)
|
Description of the financial
instrument:
Identification code:
|
Ordinary shares of £0.01
ISIN: GB00BJP0B151
|
|
b)
|
Nature of the
transaction:
|
Purchase of Shares
|
|
c)
|
Price(s) and volume(s):
|
Price(s)
|
Volume(s)
|
|
2.5p
|
1,600,000
|
|
d)
|
Aggregated volume:
Price:
|
1,600,000
£40,000
|
|
e)
|
Date of the Transaction:
|
11 July 2024
|
|
f)
|
Place of the Transaction:
|
London Stock Exchange
|
Cautionary and
Forward-Looking Statements
Certain statements in this
announcement are or may be deemed to be forward-looking statements.
Forward-looking statements are identified 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 reflect 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.
The information contained within this announcement is deemed
by the company to constitute Inside Information as stipulated under
the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part
of U.K. domestic law under the European Union (Withdrawal) Act
2018, as amended. Upon the publication of this announcement via a
regulatory information service, this information is considered to
be in the public domain.