RE: Hoorah11 Jul 2019 12:14
Brands U.K. On Kdnc and Aou news on twitter
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Auroch Minerals Limited (ASX: AOU) (“Auroch”) that further to its market announcement on 28th May 2019 it has entered into a formal Share Sale Agreement with Minotaur Exploration Ltd (ASX:MEP, “Minotaur”) to acquire 100% of the tenements known as the Saints Nickel Project (Saints) and the Leinster Nickel Project (“Leinster”).
Key Commercials:
Auroch will acquire 100% of Saints and 100% of Leinster via the acquisition of certain wholly owned subsidiaries of Minotaur who hold the projects.
Completion of the acquisitions is conditional on the satisfaction or waiver of various conditions precedent including the parties obtaining all necessary shareholder approvals and obtaining any regulatory or other third-party approvals. Legal due diligence has now been completed by the parties.
Auroch and Minotaur mutually agreed to change the number of consideration shares to be issued on completion. The total consideration for the acquisition is 18,333,333 Auroch shares (which will result in Minotaur having a 15.2% undiluted ownership in Auroch).
The above consideration shares are subject to a voluntary escrow period of 12 months.
At completion, Minotaur may appoint one director to Auroch’s board. This right will lapse if Minotaur’s shareholding in Auroch is less than 4.9%.
Contemporaneous with the acquisition, Auroch has agreed to issue 1,833,333 ordinary shares to the party that introduced the acquisition.
A notice of meeting containing further details in relation to the acquisitions will be dispatched to shareholders shortly.
Cadence currently owns approximately 6.5% of the equity in Auroch Minerals, which is an exploration company targeting principally zinc, cobalt and lithium.
The full release can be found at: https://www.investi.com.au/api/announcements/aou/474bda8b-5a8.pdf
Cadence Minerals CEO Kiran Morzaria commented: “The acquisition of Saints and Leinster Nickel projects represents an excellent addition to Auroch’s existing portfolio of projects. We look forward to subsequent developments.”
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