AMAPA13 Aug 2020 17:36
NEWS SOON ?
Progress with Secured Bank Creditors
Since our last update in early July, DEV Mineração S.A's ("DEV") Cadence and Indo Sino Pty Ltd ("the Investors") have continued a constructive dialogue with the secured bank creditors ("Bank Creditors"). The Bank Creditors have proposed settlement terms, and DEV and the Investors have agreed in principle (subject to contract) to key terms and have proposed some amendments. We will update the market once further progress has been made.
As mentioned in previous announcements, the remaining major precondition for Cadence to make its initial investment in the Amapa Project requires DEV to reach a settlement agreement with the Bank Creditors. On completion of the conditions and the release of the Cadence escrow monies, Cadence will become a 20% shareholder in the Amapa Iron Ore Project via our joint venture company which will own 99.9% of DEV Mineração S.A's ("DEV").