Last checked at 19 Feb 2018 12:39
19 February 2018
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Bacanora Minerals Update - Proposed Re-domicile
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) reports that Bacanora Minerals Ltd (the "Company" or "Bacanora Canada") (TSX-V: BCN and AIM: BCN), the London and Canadian listed lithium company, announces that, further to its statement released on 9 February 2018, it has entered into an arrangement agreement between the Company, Bacanora Lithium plc ("Bacanora UK") and 1976844 Alberta Ltd. (a wholly owned subsidiary of Bacanora UK) pursuant to which Bacanora UK will indirectly acquire the entire issued share capital of Bacanora Canada in exchange for new shares in Bacanora UK to facilitate the Company's proposed reorganisation to effect a re-domicile to the United Kingdom.
In connection with the Re-Domicile, Bacanora UK will apply for admission to trading of its Bacanora UK Shares on the AIM market of the London Stock Exchange ("AIM"). Upon the admission of Bacanora UK Shares to trading on AIM, Bacanora Canada intends to delist the Bacanora Canada Shares from the TSX Venture Exchange and cancel the admission to trading of the Bacanora Canada Shares on AIM.
Bacanora now intends to raise a significant amount of new debt and equity financing to fund its growth as an international lithium company with new projects in Mexico and Germany and believes that a UK domiciled company with its primary listing on AIM is the best way to achieve this. Bacanora intends to move its head office and its senior management to the UK, and as a result, anticipates that the Re-domicile will result in significant cost and administrative savings
The full announcement can be found here: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BCN/13537128.html
On the 1 February 2018 Bacanora updated shareholders as to the progress of the investor financing with NextView announced on the 15 December 2017. Once this financing is complete Cadence will hold approximately 7% of Bacanora's equity. Cadence also holds 30% of Mexalit and Megalit joint venture companies. Mexalit is the owner of the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 mineral concessions, which forms part of the Sonora Lithium Project in Northern Mexico.
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For further information, please contact. | |
Cadence Minerals plc | +44 (0) 207 440 0647 |
Andrew Suckling | |
Kiran Morzaria | |
WH Ireland Limited (NOMAD & Broker) | +44 (0) 207 220 1666 |
James Joyce | |
James Sinclair-Ford | |
Beaufort Securities (Joint Broker) | +44 (0) 20 7382 8408 |
Jon Belliss | |
Hannam & Partners LLP (Joint Broker) | +44 (0) 207 907 8500 |
Neil Passmore | |
Giles Fitzpatrick | |
Square1 Consulting | +44 (0) 207 929 5599 |
David Bick |
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.
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale - upcoming supersized passenger vehicles, lorries and buses - require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £25 million vested in key assets globally, Cadence is helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral's goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.