Business
Completion of LT & LS sale & Amapa Project Update
Completion of LT & LS sale & Amapa Project Update.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \n \n \n Cadence Minerals Plc\n \n \n \n \n \n \n \n \n \n (\"Cadence Minerals\", \"Cadence\" or \"the Company\")\n \n \n \n \n \n \n \n \n \n Completion of sale of Cadence's 31.5% Equity Stake in Lithium Technologies and Lithium Supplies and Amapa Project Update\n \n \n \n \n \n \n \n \n Cadence is pleased to announce that further to its announcement of 30 March 2022, the Company has completed the sale of its 31.5% stake in in Lithium Technologies and Lithium Supplies (\"LT and LS\") to Evergreen PTY Ltd (\"Evergreen\" or the \"Buyer\"). Evergreen is an unlisted Australian company which is intending to list on the Australian stock exchange.\n \n \n \n Highlights:\n • Cadence and all LT and LS shareholders have completed the sale of 100% of LT and LS for up to A$21.05 million (£12.08 million)\n • Cadence owns 31.5% of LT and LS and has received AS$3.16 million (£1.81 million) in Evergreen shares.\n • Subject to Evergreen achieving performance benchmarks Cadence would receive a total consideration of A$6.63 million (£3.80 million)\n • Evergreen will spend a minimum of A$4 million over the next three years on the exploration of the prospective Litchfield lithium prospect (\"Litchfield\") in Northern Australia.\n \n \n Cadence CEO Kiran Morzaria commented:\n \"On behalf of the Cadence board and other LT and LS shareholders, we are pleased to report the completion of the sale of our investment in LT and LS\"\n \n \n \n \n \n \"Recent exploration and sampling work at the Litchfield project, along with the project's proximity to Core Lithium's assets have led us to believe that Litchfield has considerable potential to host lithium mineralisation.\"\n \n \n \n \n \n \"For Cadence, this transaction provides an excellent opportunity to retain exposure to the booming hard rock lithium market in Australia. The consideration is being paid entirely in shares, and given that Evergreen intends to list on the Australian Stock Exchange, we will potentially have exposure to any future upside. Hard rock lithium assets have seen excellent returns of late, plus we also have a commitment that Evergreen will spend at least A$4 million to explore the primary assets.\"\n \n \n \n Background to Transaction\n \n \n The consideration for LT and LS is up to A$ 21.05 million (£11.82 million). Cad...