11th Jul 2019 13:06
(Alliance News) - Cadence Minerals PLC on Thursday noted updates from investees including the completion of both a note issue and an acquisition.
Toronto-listed Macarthur Minerals has closed a previously announced offer of a USD6 million secured convertible note. Cadence owns 9.8% of Macarthur, which focuses on iron ore, nickel, lithium, and gold in Western Australia and lithium in Nevada.
Elsewhere, Auroch Minerals Ltd, listed in Sydney, has completed the acquisition of the Saints and Leinster nickel projects, both in Australia.
Auroch is giving 18.3 million of its shares as consideration, meaning the seller Minotaur Exploration Ltd will own 15% of Auroch. Cadence has a 6.5% stake.
Cadence Chief Executive Kiran Morzaria said: "The acquisition of Saints and Leinster nickel projects represents an excellent addition to Auroch's existing portfolio of projects. We look forward to subsequent developments."
Cadence shares were 1.1% higher on Thursday afternoon at a price of 0.11 pence each.
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