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Update - Macarthur Minerals

5 Jul 2019 14:29

RNS Number : 6843E
Cadence Minerals PLC
05 July 2019
 

Cadence Minerals Plc

 

("Cadence Minerals", "Cadence" or "the Company")

 

Macarthur Minerals (TSX-V: MMS) Seeks TSX-V Approval to Close Financing on the Lake Giles Iron Ore Project

 

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) ("Macarthur") that final approval is being sought from the TSX-V to close the private placement offering (the "Offering") of US$6 million of secured Convertible Note ("Note") as previously announced on March 19, 2019.

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 proceeds of the Offering will be used to complete a Bankable Feasibility Study ("BFS") on Macarthur's Lake Giles Iron Ore Project ("Project") in Western Australia. The BFS will include a 54-hole infill drill program to obtain metallurgical samples and convert Inferred and Indicated mineral resources to a Measured category.

Macarthur owns 100% of the Lake Giles Iron Ore Project. The Project incorporates the Mineral Resources of the Moonshine Magnetite Project and the Ularring Hematite Project. The Moonshine Magnetite resource contains Inferred Mineral Resources of approximately 710 mt at 30.2% Fe. The Ularring Hematite resource includes Indicated Mineral Resources of approximately 54.46 Mt at 47.2% Fe and Inferred Mineral Resources of approximately 25.99 Mt at 45.4% Fe. The mineral resource estimates were detailed as previously announced on June 17, 2019 filed under the Preliminary Economic Assessment ("PEA") undertaken by independent consultants Engenium Pty Ltd ("Engenium") for a 2.5 to 3.4 Mtpa operation incorporating the Moonshine Magnetite and Ularring Hematite Mineral Resources to produce a high-grade blended concentrate in excess of 65% Fe. The technical and financial evaluation in the PEA indicates the Project is potentially economically viable and further project development is justified.

The Note is structured around these key terms:

· The Note has a face value of US$10,000 following adoption of a loan note instrument.

· The Note can be converted at any time into common shares of Macarthur at Noteholder's option at a conversion price that reflects 80% of the average VWAP over 5 trading days immediately preceding a notice of conversion or at the greater of C$0.10 with attaching warrant offered for one fourth of the Commitment amount exercisable at the greater of C$0.10 or the average VWAP over 5 trading days immediately preceding the date of the Advance date.

· The Note will have a term to maturity of 3 years and bear interest at a rate of 12.5% per annum.

· The Note includes a mandatory conversion clause that such conversion may not have the effect of causing a Noteholder to own 20% or more of the common shares of Macarthur or becoming a control person.

· The Mining Leases of the Project held by Macarthur act as security for the Note.

· Any shares issued upon conversion of the principal amount of the Note and any accrued interest will be subject to certain resale restrictions, including a restricted (or "hold") period of four months and one day following the distribution date, under applicable Canadian securities legislation

The full release can be found at: https://web.tmxmoney.com/article.php?newsid=8427543441209924&qm_symbol=MMS 

This news release is not for distribution to United States Services or for Dissemination in the United States. 

- Ends -

 

For further information:

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

 

 

 

Novum Securities Limited (Joint Broker)

+44 (0) 207 399 9400

Jon Belliss

 

 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
UPDUGUQPMUPBGWA
Date   Source Headline
5th Jun 20205:44 pmRNSLoan Note Conversion
5th Jun 202011:05 amRNSSecond Price Monitoring Extn
5th Jun 202011:00 amRNSPrice Monitoring Extension
5th Jun 202010:03 amRNSAmended: Macarthur JV Partner Completes Royalty Sa
5th Jun 20207:00 amRNSMacarthur JV Partner Completes Royalty Sale
3rd Jun 20202:06 pmRNSSecond Price Monitoring Extn
3rd Jun 20202:01 pmRNSPrice Monitoring Extension
3rd Jun 20209:31 amRNSYangibana JV Partner Agreement with Schaeffler
2nd Jun 20203:47 pmRNSHolding(s) in Company
28th May 20202:07 pmRNSMacarthur JV Partner - FIRB Approves Royalty Sale
28th May 202010:53 amRNSBacanora Sonora & Lithium Market Update
26th May 20203:47 pmRNSMacarthur Minerals JV Partner - $7m Royalty Sale
6th May 20201:44 pmRNSTotal Voting Rights and Capital
6th May 20207:00 amRNSMacarthur Lake Giles Assay Results Completed
1st May 20205:27 pmRNSPlacing Update
1st May 202011:16 amRNSAmapá Update, Placing and Loan Note Restructuring
30th Apr 20208:57 amRNSEuropean Metals Holdings - Cinovec PMP Granted
29th Apr 20204:02 pmRNSMacarthur Plans Further Exploration at Hillside
23rd Apr 202012:31 pmRNSEMH - CEZ Cinovec Investment Approved
20th Apr 20202:06 pmRNSSecond Price Monitoring Extn
20th Apr 20202:00 pmRNSPrice Monitoring Extension
17th Apr 20202:05 pmRNSSecond Price Monitoring Extn
17th Apr 20202:00 pmRNSPrice Monitoring Extension
17th Apr 202011:05 amRNSSecond Price Monitoring Extn
17th Apr 202011:00 amRNSPrice Monitoring Extension
14th Apr 202010:29 amRNSYangibana - Commonwealth Environmental Approval
14th Apr 20207:00 amRNSCourt Approval to Commence Iron Ore Shipments
27th Mar 202010:39 amRNSUpdated: EMH – CEZ to Invest in Cinovec
27th Mar 202010:13 amRNSEMH – Agreement with CEZ to Invest in Cinovec
25th Mar 20202:10 pmRNSMacarthur Minerals - JV Partner for Nickel Project
25th Mar 20207:00 amRNSMacarthur Minerals EIS Grant for Nickel Prospect
18th Mar 20204:29 pmRNSHolding(s) in Company
13th Mar 20209:36 amRNSMacarthur Minerals Lake Giles Iron Project Update
13th Mar 20207:00 amRNSPurchase of Shares by a Director
12th Mar 202011:11 amRNSUpdate on Amapa Iron Ore Project Investment
4th Mar 202012:17 pmRNSHolding(s) in Company
11th Feb 202010:11 amRNSMacarthur Minerals Encouraged by Pilbara Results
31st Jan 20202:04 pmRNSHolding(s) in Company
16th Jan 20203:35 pmRNSMacarthur Minerals Lake Giles Drilling Update
14th Jan 20205:07 pmRNSHolding(s) in Company
13th Jan 20202:40 pmRNSUpdate - Macarthur Minerals
3rd Jan 20201:23 pmRNSHolding(s) in Company
23rd Dec 20193:22 pmRNSMacarthur Minerals Secures Land at Lake Giles
11th Dec 201910:19 amRNSMacarthur Minerals Intersects High Grade Magnetite
9th Dec 20197:00 amRNSReinstatement of Railway Concessions at Amapá
27th Nov 20198:52 amRNSHastings Tech Metals Yangibana Funding Update
25th Nov 20199:28 amRNSSuccessful Bulk Ore Trial Results at Yangibana
20th Nov 20199:52 amRNSEMH & CEZ - Cinovec Partnership & Investment
11th Nov 201912:10 pmRNSBacanora Sonora Lithium Project Update
5th Nov 201910:10 amRNSMacarthur JV Partner FE Limited Commences Drilling

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