27th Jun 2019 13:25
(Alliance News) - Cadence Minerals PLC on Thursday said it has raised GBP1.6 million through placing of 1.45 billion new shares at 0.11 pence per share, around 7% discount to the company's closing price on Wednesday.
Shares in the the minerals exploration company were down 4.8% at 0.11 pence each on Thursday afternoon.
Net proceeds will partly fund the company's initial investment in the Amapa Project located in Brazil for a 20% interest, as previously announced.
"We are delighted, through this placing, to have secured the remaining funding requirement for the initial investment into the Amapa Iron Ore Project. The Amapa Project gives Cadence the potential for an exceptional ROI in the run up to full production and an opportunity to become a significant shareholder in a mid-tier iron ore producer," said Chief Executive Officer Kiran Morzaria.
Separately, Cadence said the Australian Environmental Protection Authority has recommended Environmental Approval for a proposal to mine and process rare earths at Yangibana Project located in Western Australia.
The regulator has publicly released the Yangibana Rare Earths Project report, which is now open for a two-week public appeal period, before being submitted to the Minister of Environment for final approval, the company added.
Cadence owns 30% of the Yangibana North, Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North Rare Earth Deposit which form part of the Yangibana Rare Earth Deposit.
Related Shares:
Cadence Mineral