Last checked at 3 Aug 2021 15:59
Cadence Minerals Plc
("Cadence Minerals", "Cadence")
Macarthur Minerals (TSX-V: MMS, ASX: MIO) says Perth based CPS Capital Group to manage ASX listing of Gold and Copper Assets.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) (ASX: MIO) (the "Company" or "Macarthur") has announced that CPS Corporate Advisors ("CPS") has been appointed as the lead Broker for the proposed spin out of the Company's Pilbara gold, copper and lithium tenements ("Pilbara Assets").
The Company's wholly owned subsidiary Macarthur Lithium Pty Ltd, which holds the Company's Pilbara Assets will be renamed Infinity Mining Limited ("Infinity") and converted to a public company (subject to finalisation of ASIC approvals). Under the agreement with CPS, Infinity proposes to undertake an initial public offering (IPO) and make application for listing on the Australian Securities Exchange (ASX) in the coming months. Under an agreement with Zanil Pty Ltd, Infinity retains the rights to acquire additional assets in the Central Goldfields upon completing the listing process.
Infinity Exploration Program
Infinity intends to commence a programme of work that is focused on fast tracking drill targets to support an early 2022 drilling campaign across multiple gold and copper targets defined by Macarthur's previous exploration at the Hillside Gold and Copper Project near Marble Bar in the Pilbara region.
Infinity has completed its due diligence on 10 historic gold and copper tenements in the Leonora area of the Central Goldfields region of Western Australia, which Zanil Pty Ltd ("Zanil") is authorised to deal with on behalf of the tenement holders ("Central Goldfields Assets"). An independent technical report on the Pilbara Assets and the Central Goldfields Assets has been compiled to support a transaction, and Infinity and Zanil are finalising the terms of a sale and purchase agreement for the Central Goldfield Assets. The Central Goldfields Assets will be vended into Infinity following the listing on ASX.
The Company will provide further details with respect to the spin out transaction and IPO listing in a subsequent news release.
Joe Phillips, Managing Director of Macarthur Minerals commented: "The appointment of CPS Capital Group will trigger a Seed funding round during August 2021, to support the IPO listing and advance the exploration programs for the Hillside Project and three key areas around Leonora that host historic drilling results. This 2021 program is designed to build the platform for an early 2022 Pilbara exploration campaign. The Company will provide further details with respect to the seed funding round and progress on the spin-out transaction and IPO listing in a subsequent news release."
Jason Peterson Managing Director / Head of Corporate, CPS Capital Group commented: "CPS is excited to be working again with the Board of Macarthur to achieve the spin-out listing, of the non- Iron Ore assets of Macarthur, into the new entity to be IPO'ed, Infinity Mining Limited. CPS has had a very good working relationship with Macarthur as a supporter of Macarthur and introducing Macarthur to investors via our client base. We look forward to achieving the same goals with Infinity with this highly professional team.
Link here for the full announcement: https://finance.yahoo.com/news/perth-based-cps-capital-group-120000190.html
Cadence Minerals Holding in Macarthur
Cadence holds approximately 1% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
This news release is not for distribution to United States Services or for Dissemination in the United States.
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Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ''believe'' ''could'' "should" ''envisage'' ''estimate'' ''intend'' ''may'' ''plan'' ''will'' or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding Cadence Minerals Plc's future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of Cadence Minerals Plc. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. Cadence Minerals Plc cannot assure investors that actual results will be consistent with such forward-looking statements.