21st Aug 2020 09:18
(Alliance News) - Cadence Minerals PLC on Friday said that it has raised GBP1.3 million through share placing to cut debt.
The investment company focussed on the minerals sector issued 10.4 million new ordinary shares at 12 pence per share, a 22% discount to the closing price on Wednesday.
Shares in Cadence were down 16% at 13.68 pence each in London on Friday morning, giving a market capitalisation of GBP17.7 million.
Cadence intends to use the net proceeds of the placing for general working capital and to provide flexibility to the company to repay loan notes from cash reserves rather than from its holdings in quoted investments. The outstanding balance on Cadence's loan notes is currently GBP1.7 million.
By Tapan Panchal; [email protected]
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