19th Mar 2019 14:56
LONDON (Alliance News) - Cadence Minerals PLC on Tuesday said Macarthur Minerals Ltd intends to raise up to USD6 million for a bankable feasibility study of two iron ore deposits in Western Australia.
Cadence holds around 10% of the issued equity interest in Macarthur, which in turn owns 100% of the Moonshine magnetite and Ularring hematite projects where the deposits are located.
Macarthur has announced a private placement offering of up to USD6 million of secured convertible notes, with the proceeds to be used in order to complete a bankable feasibility study on the Moonshine and Ularring deposits.
Cadence Minerals Chief executive Kiran Morzaria said: "As a major shareholder in the company, Cadence Minerals are delighted that Macarthur Minerals has seized the initiative to progress the Moonshine magnetite and Ularring hematite iron ore projects with a USD6 million offering. Existing data indicates solid potential for a quality iron ore product at both projects."
Morzaria added: "We at Cadence believe that securing funding at this juncture further strengthens the Macarthur investment proposition."
Shares in Cadence were down 4.4% at 0.11 pence on Tuesday afternoon.
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