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(Alliance News) - Cadence Minerals PLC said Friday investee Macarthur Minerals was looking to secure final approval for a USD6 million convertible note to be used to complete a feasibility study for its iron ore project.
Cadence explained Toronto-listed Macarthur - in which it holds a 9.8% stake - is looking to raise the funds from the secured note in order to finalise its bankable feasibility study for the Lake Giles iron ore project in Western Australia.
The Lake Giles project - wholly-owned by Macarthur - includes the Moonshine magnetite project and the Ularring hematite project. Moonshine has inferred mineral resource of 710 million tonnes at 30.2% iron and Ularring around 54 million tonnes at 47% iron.
Shares in Cadence were 0.9% higher at 0.11 pence in London on Friday.
