Cadence Minerals PLC EMH Update & Change of Broker (5641G)
02 March 2018 - 11:54PM
UK Regulatory
TIDMKDNC
RNS Number : 5641G
Cadence Minerals PLC
02 March 2018
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
EMH Update & Change of Broker
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) note that European
Metals Holdings ("European Metals") (ASX & AIM: EMH) has
responded to recent public statements and correspondence European
Metals had received overnight from Mr Thomas Huner, Minister of
Industry and Trade of the Czech Republic, purporting to terminate
the Memorandum of Understanding dated 2 October 2017 between the
European Metals and the Ministry of Industry and Trade (the
"MoU").
The announcement by European Metals stated the following:
-- The MoU outlines mutual willingness to explore downstream
processing opportunities, Czech academic research into lithium
processing, potential future co-operation and discussing and
exploring possibilities of future agreements.
-- All Company rights are derived from the current Czech legal
system, notably the Geological and Mining Act, not the MoU.
-- Any termination of the MoU would not in any way affect the
exploration rights of the Company or the Company's tenure over its
exploration permits and the Company continues to progress the
project with ongoing metallurgical testwork, discussions with
offtakers and preparations for feasibility drilling underway.
The Company remains entirely focused on working with all
stakeholders, including the Minister of Industry of Trade and the
Government of the Czech Republic, to successfully develop the
Cinovec Project as a first-in-kind project that will pave the way
for a successful lithium mining and processing industry in the
Czech Republic. We look forward to meeting with the Minister in the
near term to further these discussions.
Cadence has a 20.4% equity stake in European Metals. The full
release can be found at:
https://www.europeanmet.com/wp-content/uploads/2018/03/20180302-Respose-to-Czech-Minister-of-Industry-Trade-Final.pdf
Statement re Beaufort Securities Limited
The Company notes the announcement today regarding Beaufort
Securities Limited ("BSL") and Beaufort Asset Clearing Services
Limited ("BACSL") being placed into administration and that the
Financial Conduct Authority (the "FCA") has imposed requirements on
BSL and BACSL to cease all regulatory activity. As a result, the
London Stock Exchange has suspended BSL's membership of the London
Stock Exchange pending clarification of the firm's position.
BSL is a joint broker to the Company pursuant to the AIM Rules
for Companies (the "AIM Rules"). As a result of the suspension of
its membership to the London Stock Exchange, BSL will no longer be
able to provide broking services to the Company in accordance with
the AIM Rules.
WH Ireland Limited, the Company's NOMAD and other joint broker
along with Hannam & Partners LLP, will continue to provide
broking services to the Company.
- Ends -
For further information, please contact.
Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Hannam & Partners LLP (Joint Broker) +44 (0) 207 907 8500
Neil Passmore
Giles Fitzpatrick
Square1 Consulting +44 (0) 207 929 5599
David Bick
This information is provided by RNS
The company news service from the London Stock Exchange
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