Last checked at 30 Sep 2019 14:49
Cadence Minerals Plc
("Cadence Minerals", "Cadence")
Macarthur Minerals (TSX-V: MMS) to Seek Dual Listing on Australian Securities Exchange (ASX).
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Macarthur Minerals (TSX-V: MMS) ("Macarthur" or "the Company") has today announced its intention to seek a dual listing on the Australian Securities Exchange (ASX) before the end of 2019.
On 16 August 2019, Macarthur lodged an application with ASX regarding its suitability for proposed admission to the ASX Official List. On 24 September 2019, the Company received "in-principle" advice from ASX which confirmed its suitability for listing. Receipt of this advice now provides a pathway for Macarthur to lodge a prospectus which will be subject to regulatory and shareholder approvals..
Cadence Minerals Holding in Macarthur
Cadence holds approximately 9.8% 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.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=7462927113052134&qm_symbol=MMS
Macarthur Minerals Executive Chairman Cameron McCall commented: "The Board of Macarthur is excited about the prospect of dual listing in Australia and considers that the benefits of doing so will include providing the Company with increased opportunities to access capital from wholesale investors and an enhanced opportunity for retail investors in Australia to participate in the advancement of the Company's projects.
An ASX dual listing will provide Macarthur with sufficient funding to continue the advancement of the Company's flagship Lake Giles Iron Project in the Yilgarn region of Western Australia and will support the Company's objective to transition to a near-term producer of premium Magnetite concentrate for global speciality steel markets.
Work on the listing process is well advanced and, following the Company's announcement in March 2019 of its entry into a 10 year Offtake Agreement with Glencore International AG (for the sale of iron ore to be produced from the Lake Giles Iron Project), completing a listing on ASX will be another important milestone towards realising the Company's transformation and delivering value to shareholders."
The Board considers that the expected benefits of the an ASX listing will include increased investor interest, improved trading liquidity, reduced price volatility and improved price realisation for its Australian projects on a basis that is more consistent with its ASX listed peers."
Cadence Minerals CEO Kiran Morzaria commented: "To echo Cameron McCall, the move by Macarthur to dual list on the ASX will be another important milestone towards realising the Company's transformation and delivering value to shareholders."
"In addition the move provides further validation for our ongoing investment strategy into Macarthur."
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 the Company'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 the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.