Cadence Minerals PLC Update - Bacanora Lithium (2803V)
20 July 2018 - 5:59PM
UK Regulatory
TIDMKDNC
RNS Number : 2803V
Cadence Minerals PLC
20 July 2018
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Bacanora Lithium (AIM:BCN) Update
Bacanora Lithium (AIM:BCN) Cancels Proposed Placing As
Discussions Continue With Additional Parties To Secure The
Remaining Construction Funding Requirement.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) notes the
announcement by Bacanora Lithium plc (AIM: BCN) that, due to
current volatility in global commodities markets, it has elected
not to proceed with its proposed placing to raise gross proceeds of
US$100m.
To date, Bacanora has announced equity and debt funding
commitments totalling US$240m, which represents 52% of the US$460m
required for Stage 1 production of 17,500 tpa of Li2CO3 at Sonora
(the "Construction Funding"). These include a US$150m senior debt
facility with RK Mine Finance, one of the leading specialist mining
lenders, and conditional strategic investments from the State
General Reserve Fund of Oman (SGRF), the sovereign wealth fund of
the Sultanate of Oman, and from Bacanora's off-take partner, Hanwa,
for a combined total of US$90m.
Bacanora will now focus on completing the Front End Engineering
Design and remains in discussions with several additional parties
with regards to securing the remainder of the Construction Funding,
so that it can be in a position to begin construction of the
Project once financing is secured.
The full release can be found at:
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BCN/13723309.html
- 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
Ingo Hofmaier
Square1 Consulting +44 (0) 207 929 5599
David Bick
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the
information contained in this announcement. Kiran holds a Bachelor
of Engineering (Industrial Geology) from the Camborne School of
Mines and an MBA (Finance) from CASS Business School.
About Cadence Minerals:
Cadence is dedicated to smart investments for a greener world.
The planet needs rechargeable batteries on a global scale -
upcoming supersized passenger vehicles, lorries and buses - require
lithium and other technology minerals to power their cells. Cadence
is helping find these minerals in new places and extracting them in
new ways, which will meet the demand of this burgeoning market.
With over GBP20 million vested in key assets globally, Cadence is
helping us reach tomorrow, today.
Cadence invests across the globe, principally in lithium mining
projects. Its primary strategy is taking significant economic
stakes in upstream exploration and development assets within
strategic metals. We identify assets that have strategic cost
advantages that are not replicable, with the aim of achieving lower
quartile production costs. The combination of this approach and
seeking value opportunities allows us to identify projects capable
of achieving high rates of return.
The Cadence board has a blend of mining, commodity investing,
fund management and deal structuring knowledge and experience, that
is supported by access to key marketing, political and industry
contacts. These resources are leveraged not only in our investment
decisions but also in continuing support of our investments,
whether it be increasing market awareness of an asset, or advising
on product mix or path to production. Cadence Mineral's goal is to
assist management to rapidly develop the project up the value curve
and deliver excellent returns on its investments.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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