Cadence Minerals PLC - investment and development company focused on energy transition minerals - Announces successful fundraise of GBP500,000 through the placing of 16.7 million new shares at a price of 3 pence each. The issue price represents a roughly 43% discount to the company's closing price of 5.25 pence on Thursday. Admission of the new shares to the AIM market of the London Stock Exchange is expected to occur by April 11. Cadence also issues one warrant for each new share, giving subscribers rights to acquire one additional share per warrant held. The warrants are exercisable at a price of 5p each and expire in March, 2025.
Cadence says the funds will help progress its investment in the Amapa Iron Ore project, Brazil. Current priorities at Amapa include completion of a pre-feasibility study, preparation of a revised economic model, and sourcing of working capital to fund ongoing licence requirements.
Current stock price: 3.50 pence per share, down 33% in London on Friday
12-month change: down 64%
By Hugh Cameron, Alliance News reporter
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Cadence Mineral (KDNC)