17th Sep 2018 09:19
LONDON (Alliance News) - Shares dropped in Premier African Minerals Ltd on Monday as it said it has not been able to reach final terms with Cadence Minerals PLC to fund the definitive feasibility study of the Zulu lithium and tantalum project.
Shares in the mining company fell 21% at 0.14 pence, while Cadence Minerals shares were down 4.1% at 0.18p on Monday.
In late June, Premier African and Cadence had entered heads of terms to earn up to 30% directly into the project. Cadence had completed its due diligence, but was unable to reach final terms.
"Cadence is continuing to review several upstream mineral assets, where we see the potential to deliver shareholder value by investing in projects that have a short development timeline to cashflow," Cadence said in a statement.
Related Shares:
Cadence MineralPremier African Minerals