12th Jul 2024 10:30
(Alliance News) - Cadence Minerals PLC on Friday said it has raised GBP750,000, which will be used to fund its the Amapa iron ore project in Brazil.
The investment and development company said it has raised GBP625,000 through placing of 25.0 million new shares priced at 2.5p each.
In addition, Directors Andrew Suckling, Kiran Morzaria, and Donald Strang have agreed to subscribe to 5.0 million shares at the issue price, raising GBP125,000.
The issue price represents a discount of approximately 18% to the closing price of 3.05p per share on Thursday.
Shares in Cadence were down 8.9% to 2.78p each on Friday morning.
The proceeds will be used to fund Cadence's investment in the Amapa iron ore project in Brazil.
By Sophie Rose, Alliance News senior reporter
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