Cadence Minerals PLC - London-based investment company focused on mineral resources sector - Completes the sale of its 31.5% stake in Lithium Technologies and Lithium Supplies to Evergreen Pty Ltd. Subject to the achievement of performance benchmarks, Cadence will receive a total consideration of GBP3.8 million for its stake. Company also receives GBP1.8 million in Evergreen shares, representing 13% of the company.
"For Cadence, this transaction provides an excellent opportunity to retain exposure to the booming hard rock lithium market in Australia. The consideration is being paid entirely in shares, and given that Evergreen intends to list on the Australian Stock Exchange, we will potentially have exposure to any future upside. Hard rock lithium assets have seen excellent returns of late, plus we also have a commitment that Evergreen will spend at least AUD4 million to explore the primary assets," said Chief Executive Kiran Morzaria.
Current stock price: 10.50 pence, down 2.3% in London on Monday
12-month change: down 63%
By Heather Rydings; heatherrydings@alliancenews.com
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Cadence Mineral (KDNC)