11th Oct 2021 12:19
Cadence Minerals PLC - London-based investor in mineral resources - Shares soar as it receives confirmation from secured bank creditors that they have obtained approval from their credit committees to execute settlement agreement. This paves way for Cadence to vest initial 20% in the Amapa iron ore project, Brazil. The agreement with joint venture partner Indo Sino is to invest in and acquire up to 27% of joint venture company Pedra Branca Alliance Pte Ltd, which will own 99.9% of Amapa project. Indo Sino will own 73% of the venture. Cadence will invest USD6 million over two stages in the joint venture company to buy its 27% interest, starting off with USD2.5 million for the initial 20% stake and then the further 7% for USD3.5 million.
Chief Executive Kiran Morzaria says: "Cadence can then vest its initial 20% and eventually a further 7%, which in practical terms means we have a clear path and process to get Amapa recommissioned, licensed and back into production."
Current stock price: 24.73 pence, up 42% on Monday
Year-to-date change: up 71%
By Josie O'Brien; [email protected]
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