RE: Court Update - A day late :|21 Feb 2021 14:49
Should we be a little more confident as I read it the final contract is under the bank creditors terms?
Wed, 2nd Sep 2020 12:09
RNS Number : 8394X
Cadence Minerals PLC
02 September 2020
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Amapa Iron Ore Project - Cadence Agrees In Principle To Settlement Terms Proposed By Amapa Bank Creditors.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to provide an update on its investment in the Amapa Iron Ore Project ("Amapa Project"), Brazil.
**DEV Mineração S.A's ("DEV"), Cadence and Indo Sino Pty Ltd ("the Investors") have agreed in principle to the settlement terms proposed by the secured bank creditors ("Bank Creditors"), and the administrator appointed to the Judicial Recovery Process ("JRP") has asked the parties to prepare and submit the final contract so that the JRP parties can be informed**
Once a final contract has been finalised and executed, this will represent satisfaction of the remaining major precondition for Cadence to make its initial 20% investment in the Amapa Project. On completion of the conditions and the release of the Cadence escrow monies, Cadence will become a 20% shareholder in the Amapa Project via our joint venture company which will own 99.9% of DEV.
In addition to the above, and while the settlement contract is finalised, DEV and Investors have requested that the Bank Creditors and DEV submit a joint petition to the higher court to remove the Bank Creditors appeal and the subsequent interim order. As a result, operations at Amapa, including the shipping of iron ore stockpiles will be temporarily suspended while the petition is agreed, filed and approved.
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